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GREEN v. NUVEEN ADVISORY CORP.

No. 01-3671.

295 F.3d 738 (2002)

Jack GREEN, individually and as trustee, Stanley Simon, trustee, and Norma Evans, Plaintiffs-Appellants, v. NUVEEN ADVISORY CORP., Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 8, 2002.

Attorney(s) appearing for the Case

Laurence M. Johnson (argued), Davis Malm & D'Agostine, Boston, MA, Robert E. Sullivan, Sullivan, Weinstein & McQuay, Boston, MA, for Plaintiff-Appellants.

J. Kevin McCall (argued), Jenner & Block, Chicago, IL, for Defendant-Appellee.

BEFORE: FLAUM, Chief Judge, and BAUER and RIPPLE, Circuit Judges.

FLAUM, Chief Circuit Judge.

The plaintiffs in this case are common shareholders of six closed-end, tax-exempt municipal bond funds. They allege that Nuveen, the funds' investment adviser, breached its fiduciary duty under § 36(b) of the Investment Company Act of 1940 ("ICA" or "the Act") by receiving compensation based on a percentage of the daily net assets of the funds. Such an arrangement, plaintiffs contend, creates an inherent conflict of interest in violation...

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