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Court Rules in BlackRock’s Favor in Excessive Fee Trial, One of Largest Mutual Fund Cases Ever
Following an eight-day bench trial, the U.S. District Court for the District of New Jersey ruled in favor of certain subsidiaries of BlackRock, Inc. on $1.55 billion in claims brought under Section 36(b) of the Investment Company Act concerning two of BlackRock’s largest mutual funds. BlackRock is the first trial decision on the so-called “subadvisory” or “reverse manager of managers” theory in excessive fee litigation and is one of the largest mutual fund cases ever.
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Revised HSR Thresholds Announced
On February 15, 2019, the FTC announced the revised thresholds for determining whether companies are required to notify federal antitrust authorities about a transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The revised thresholds affect the jurisdictional requirements and certain exemptions under the act, as well as the act’s filing fee schedule. The new minimum filing threshold will be $90 million.
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How Can Boards of Directors Make Sense of the Current ESG Landscape?
Partners Peter Atkins, Marc Gerber and Richard Grossman highlight potential approaches to so-called ESG matters — environmental, social and governance — for public company boards.
