John E. GALLUS; Alexandria Ione Faller, also known as Alexandria Ione Griffin; Diana J. Anderson, for the use and benefit of the RiverSource Balanced Fund, formerly known as AXP Mutual Fund; RiverSource Precious Metals Fund, formerly known as AXP Precious Metals Fund; RiverSource Mid Cap Growth Fund, formerly known as AXP Equity Select Fund; RiverSource Small Cap Advantage Fund, formerly known as AXP Small Cap Advantage Fund; River Source Small Cap Value Fund, formerly known as AXP Partners Small Cap Value Fund; RiverSource Mid Cap Value Fund, formerly known as AXP Mid Cap Value Fund; RiverSource Small Company Index Fund, formerly known as AXP Small Company Index Fund; RiverSource High Yield Bond Fund, formerly known as AXP High Yield Bond Fund; RiverSource Large Cap Equity Fund, formerly known as AXP Large Cap Equity Fund, Successor by merger to RiverSource New Dimensions Fund and AXP Blue Chip Advantage Fund, Appellants,
v.
AMERIPRISE FINANCIAL, INC., formerly known as American Express Financial Corporation; RiverSource Investments, LLC; Ameriprise Financial Services, Inc., formerly known as American Express Financial Advisors, Inc., Appellees.
United States Court of Appeals, Eighth Circuit.https://leagle.com/images/logo.png
Submitted: April 17, 2008.
Filed: April 8, 2009.
Attorney(s) appearing for the Case
Guy M. Burns, argued, Tampa, FL, James C. Bradley, Michael J. Brickman and Nina H. Fields, Charleston, SC, Gretchen F. Cappio, Tana Lin, Lynn L. Sarko, and Michael D. Woerner, Seattle, WA, Jonathan S. Coleman and Becky Ferrell-Anton, Tampa, FL, John M. Greabe, Hopkinton, NH, and Karl L. Cambronne, Minneapolis, MN, on the brief, for appellant.
John D. Donovan, Jr., argued, Boston, MA Robert A. Skinner and Benjamin S. Halasz, Boston, MA, and Robert LO. Schenell, Jr., Minneapolis, MN, on the brief, for appellee.
Before WOLLMAN, BEAM, and RILEY, Circuit Judges.
United States Court of Appeals, Eighth Circuit.
WOLLMAN, Circuit Judge.
This appeal requires us to examine a question that has created a split among our sister circuits: the scope of the fiduciary duty imposed on advisers of mutual funds by § 36(b) of the Investment Company Act of 1940 ("ICA"), 15 U.S.C. § 80a-35(b). Because we conclude that the district court construed too narrowly the extent of the defendants' duty under § 36(b) and gave insufficient weight...
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