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GALFAND v. CHESTNUTT CORP.

Nos. 202, 315, Dockets 76-7156, 76-7170.

545 F.2d 807 (1976)

Mildred GALFAND, on behalf of herself and on behalf of American Investors Fund, Inc., Plaintiff-Appellee and Cross-Appellant, v. CHESTNUTT CORPORATION, Defendant-Appellant, and American Investors Fund, Inc., Nominal Defendant.

United States Court of Appeals, Second Circuit.

Decided November 4, 1976.

Attorney(s) appearing for the Case

Clendon H. Lee, New York City, for defendant-appellant.

Ronald Litowitz, New York City (Kreindler & Kreindler and Edward A. Grossmann, New York City, Lyman & Ash, Philadelphia, Pa., of counsel), for plaintiff-appellee and cross-appellant.

Before KAUFMAN, Chief Judge, and MANSFIELD and MESKILL, Circuit Judges.

IRVING R. KAUFMAN, Chief Judge:

The relationship between investment advisers and mutual funds is fraught with potential conflicts of interest. The typical fund ordinarily is only a shell, organized and controlled by a separately owned investment company adviser, which selects its portfolio and administers its daily business. Compensation for these services is determined under an advisory contract, the terms of which are all too often dictated to unwary or negligent...

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