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GALLUS v. AMERIPRISE FINANCIAL, INC.

No. 11-1091.

675 F.3d 1173 (2012)

John E. GALLUS; Alexandria Ione Faller, also known as Alexandria Ione Griffin; Diana J. Anderson, Now known as Diana J. Hood; 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; RiverSource 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, successor by merger to RiverSource New Dimensions Fund and AXP Blue Chip Advantage Fund, formerly known as AXP Large Cap Equity Fund, Appellants, v. AMERIPRISE FINANCIAL, INC., formerly known as American Express Financial Corporation; Columbia Management Investment Advisors, LLC; Ameriprise Financial Services, Inc., formerly known as American Express Financial Advisors, Inc., Appellees.

United States Court of Appeals, Eighth Circuit.

Filed: March 30, 2012.

Attorney(s) appearing for the Case

Guy M. Burns , argued, Tampa, FL, Karl L. Cambronne , Jeffrey D. Bores , Bryan L. Bleichner , Minneapolis, MN, Lynn Lincoln Sarko , Michael D. Woerner , Tana Lin , Gretchen Freeman Cappio , Benjamin Gould , Seattle, WA, Jonathan Strickland Coleman , Tampa, FL, Michael J. Brickman , James C. Bradley , Charlseston, SC, Nina H. Fields , Mount Pleasant, SC, John M. Greabe , Hopkinton, NH, on the brief, for appellants.

Robert A. Skinner , argued, Boston, MA, John D. Donovan, Jr. , Benjamin S. Halasz , Boston, MA, Douglas Hallward-Driemeier , Washington, D.C., Robert L. Schnell, Jr. , Minneapolis, MN, on the brief, for appellees.

Before WOLLMAN, MURPHY, and BENTON, Circuit Judges.

WOLLMAN, Circuit Judge.

This appeal requires us to reconsider whether the mutual fund shareholder plaintiffs have set forth sufficient evidence to survive summary judgment on their claim that the mutual fund adviser defendants breached the "fiduciary duty with respect to the receipt of compensation for services" that is imposed by § 36(b) of the Investment Company Act of 1940(ICA), 15 U.S.C. § 80a-35(b). In light of the United States Supreme Court's decision...

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