GOODMAN v. J.P. MORGAN INV. MANAGEMENT, INC.

Nos. 18-3238/3239.

954 F.3d 852 (2020)

Nancy GOODMAN and Jacqueline Peiffer; Campbell Family Trust, Jack Hornstein, Anne H. Bradley, Casey LeBlanc, and Valderrama Family Trust, Plaintiffs-Appellants, v. J.P. MORGAN INVESTMENT MANAGEMENT, INC. and JP Morgan Funds Management, Inc., Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: March 30, 2020.


Attorney(s) appearing for the Case

ARGUED: Andrew W. Robertson , ZWERLING, SCHACHTER & ZWERLING, LLP, New York, New York, for Appellants. Mark Holland , GOODWIN PROCTER, LLP, New York, New York, for Appellees. ON BRIEF: Andrew W. Robertson , Robin F. Zwerling , Susan Salvetti , ZWERLING, SCHACHTER & ZWERLING, LLP, New York, New York, Mathew R. Wilson , Michael J. Boyle, Jr. , MEYER WILSON CO., LPA, Columbus, Ohio, for Appellants. Mark Holland , Michael K. Isenman , Valerie A. Haggans , Charles A. Brown , Elizabeth S. David , GOODWIN PROCTER, LLP, New York, New York, Steven W. Tigges , Stuart G. Parsell , ZEIGER, TIGGES & LITTLE LLP, Columbus, Ohio, for Appellees. Matthew A. Fitzgerald , McGUIRE WOODS LLP, Richmond, Virginia, for Amicus Curiae.

Before: MERRITT, GIBBONS, and NALBANDIAN, Circuit Judges.


OPINION

This case presents the question of whether J.P. Morgan Investment Management Company ("JPMIM"), as advisor of certain mutual funds, has breached its fiduciary duty under section 36(b) of the Investment Company Act ("ICA") by charging excessive advisory fees.

Nancy Goodman and Campbell...

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