MEYER v. OPPENHEIMER MANAGEMENT CORP.

No. 475, Docket 89-7685.

895 F.2d 861 (1990)

Richard MEYER, as custodian for Pamela Meyer, Plaintiff-Appellant, v. OPPENHEIMER MANAGEMENT CORPORATION, Oppenheimer Asset Management Corporation, Oppenheimer & Co., Oppenheimer Holdings, Inc., A.G. Edwards & Sons, Inc., Thomson McKinnon Securities, Inc., Bateman Eichler, Hill, Richards, Inc., J.C. Bradford & Co., Centennial Capital Corp., and Daily Cash Accumulation Fund, Inc., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided February 1, 1990.


Attorney(s) appearing for the Case

Mordecai Rosenfeld, New York City, for Plaintiff-Appellant.

Daniel A. Pollack, Pollack & Kaminsky, New York City (Nancy E. Barton, Weil, Gotshal & Manges, New York, New York, of counsel for Oppenheimer & Co.; Rendle Myer and Allan B. Adams, Hamilton, Myer, Swanson & Faatz, Denver, Colo.; David M. Butowsky, Gordon Hurwitz Butowsky Weitzen Shalov & Wein, New York City, of counsel for Daily Cash Accumulation Fund, Inc.), for Defendants-Appellees.

Before NEWMAN and WINTER, Circuit Judges, and TENNEY, District Judge.


WINTER, Circuit Judge:

This case involves a challenge to a money market mutual fund distribution plan on the grounds, inter alia, that it violates several provisions of the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq. (1988) ("the 1940 Act" or "the Act"). The plan was adopted under Rule 12b-1, 17 C.F.R. § 270.12b-1 (1989), promulgated in 1980 by the Securities and Exchange Commission. Plaintiff-appellant Richard Meyer contends that the directors...

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