Jack GREEN, individually and as Trustee; Lawrence P. Belden, Trustee; Stanley Simon, Trustee,
v.
FUND ASSET MANAGEMENT, L.P.; Merrill Lynch Asset Management, L.P.; Merrill Lynch & Co., Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Princeton Services, Inc.; Arthur Zeikel; Terry K. Glenn; Munienhanced Fund, Inc.; Munivest Fund II Inc.; Muniyield Fund, Inc.; Muniyield Insured Fund, Inc.; Muniyield Insured Fund II, Inc.; Muniyield Quality Fund, Inc.; Muniyield Quality Fund II, Inc., Jack Green, Lawrence P. Belden, Stanley Simon, Appellants.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued on June 27, 2000.
Opinion filed: March 16, 2001.
Attorney(s) appearing for the Case
James N. Benedict, Esquire (Argued), Mark Holland, Esquire James F. Moyle, Esquire Sean M. Murphy, Esquire Danielle A. Prill, Esquire Clifford Chance Rogers & Wells LLP 200 Park Avenue New York, NY 10166, Attorneys for Appellees Fund Asset Management, L.P., Merrill Lynch Asset Management, L.P., Merrill Lynch & Co., Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Princeton Services, Inc., Arthur Zeikel and Terry K. Glenn.
Robert J. Del Tufo, Esquire Frank E. Derby, Esquire Skadden, Arps, Slate, Meagher & Flom LLP One Newark Center, 18th Floor Newark, NJ 07102, Attorneys for Appellees MuniEnhanced Fund, Inc., MuniVest Fund II, Inc., MuniYield Fund, Inc., MuniYield Insured Fund, Inc., MuniYield Insured Fund II, Inc., MuniYield Quality Fund, Inc., and MuniYield Quality Fund II, Inc.
Bruce I. Goldstein, Esquire Alberto G. Santos, Esquire Saiber, Schlesinger, Satz & Goldstein One Gateway Center Suite 1300 Newark, NJ 07102-5311, Lawrence M. Johnson, Esquire (Argued), Mahoney, Hawkes & Goldings 75 Park Plaza The Heritage on the Garden Boston, MA 02116, Attorneys for Appellants.
Alan S. Naar, Esquire Paul A. Rowe, Esquire Greenbaum, Rowe, Smith, Ravin, Davis & Himmel LLP P.O. Box 5600 Woodbridge, NJ 07095, Attorneys for Appellees-Defendants Fund Asset Management, L.P., Merrill Lynch Asset Management, L.P., Merrill Lynch & Co., Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Princeton Services, Inc., Arthur Zeikel and Terry K. Glenn.
Before ROTH and GARTH, Circuit Judges, and STANTON, District Judge.
United States Court of Appeals, Third Circuit.
OPINION OF THE COURT
ROTH, Circuit Judge:
The plaintiffs, shareholders in several investment companies, filed an interlocutory appeal of the District Court's dismissal of their state law claims for breach of fiduciary duty and deceit. They claim that the District Court erred in concluding that these claims are preempted by § 36(b) of the Investment Company Act of 1940, as amended (ICA). Because we conclude...
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