MIGDAL v. ROWE PRICE-FLEMING INTERNATIONAL

No. 00-1420

248 F.3d 321 (2001)

David MIGDAL; Linda Rohrbaugh, Plaintiffs-Appellants, v. ROWE PRICE-FLEMING INTERNATIONAL, INCORPORATED; T. Rowe Price International Stock Fund; T. Rowe Price Growth Stock Fund; T. Rowe Price Associates, Incorporated; T. Rowe Price Retirement Plan Services, Incorporated; T. Rowe Price Investment Services, Incorporated, Defendants-Appellees, and M. David Testa; Martin G. Wade; Donald W. Dick, Jr.; Anthony W. Deering; Paul M. Wythes; James A.C. Kennedy, III; Hanne M. Merriman; James S. Riepe; Hubert D. Vos; David Fagin; T. Rowe Price Services, Incorporated, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided: May 1, 2001.


Attorney(s) appearing for the Case

ARGUED: Ronald Barry Rubin, Rubin & Monahan, Chartered, Rockville, Maryland, for Plaintiffs-Appellants. Daniel A. Pollack, Pollack & Kaminsky, New York, NY, for Defendants-Appellees.

ON BRIEF: Joel C. Feffer, Wechsler Harwood, Halebian & Feffer, L.L.P., New York, New York, for Appellants. Daniel A. Pollack, Anthony Zaccaria, Pollack & Kaminsky, New York, New York, David Clarke, Jr., Piper Marbury, L.L.P., Washington, D.C., for Defendants-Appellees.

Before WILKINSON, Chief Judge, and WIDENER and WILLIAMS, Circuit Judges.


OPINION

WILKINSON, Chief Judge:

Plaintiffs, shareholders of two mutual funds, sued the investment advisers of their funds for breach of fiduciary duty under § 36(b) of the Investment Company Act of 1940, ("ICA"), 15 U.S.C. § 80a35(b). After twice permitting plaintiffs to amend their complaint, the district court dismissed the action with prejudice. Because plaintiffs have failed to state a claim that the fees charged by the funds' investment advisers...

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