FOX v. REICH & TANG, INC.

No. 74, Docket 82-7296.

692 F.2d 250 (1982)

Martin FOX, Plaintiff-Appellant, v. REICH & TANG, INC. and Daily Income Fund, Inc., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided October 26, 1982.

Certiorari Granted March 7, 1983.


Attorney(s) appearing for the Case

Richard M. Meyer, New York City (Milberg, Weiss, Bershad & Specthrie, New York City, of counsel), for plaintiff-appellant.

Daniel A. Pollack, New York City (Pollack & Kaminsky, Frederick P. Schaffer, New York City, of counsel), for defendant-appellee Daily Income Fund, Inc.

Seward & Kissel, New York City (Anthony R. Mansfield, New York City, of counsel), for defendant-appellee Reich & Tang, Inc.

Before FEINBERG, Chief Judge, and FRIENDLY and KAUFMAN, Circuit Judges.


Certiorari Granted March 7, 1983. See 103 S.Ct. 1271.

IRVING R. KAUFMAN, Circuit Judge:

This case presents an issue of first impression in this Circuit. The question before us is whether, in a shareholder action brought pursuant to § 36(b) of the Investment Company Act of 1940 to recover allegedly excessive fees paid by an investment company to its adviser,1 the shareholder plaintiff is required to plead that a "demand" was...

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