Seventh Circuit Amicus Brief of Law Professors in Support of Rehearing En Banc, Hecker v. Deere, Nos. 07-3605 & 08-1224
26 Pages Posted: 19 Mar 2009
Date Written: March 18, 2009
Amici curiae law professors filed this brief to urge the Seventh Circuit to grant the plaintiffs' petition for rehearing en banc to clarify the proper scope of the fiduciary duty under ERISA in the context of investment funds. The brief argues that members of the Seventh Circuit have taken conflicting positions on the central issue regarding whether the market for mutual fund fees is competitive, that this case presents an excellent opportunity to reconcile its doctrine in this area, and that the panel's decision to expand the Section 404(c) exemption to the fiduciary duty eviscerates an essential element in the security of retirement savings plans.
Keywords: Mutual fund, advisory fees, ERISA, fiduciary duty, Jones, Harris, compensation, 404(c), William Birdthistle, James Cox, Tamar Frankel, Paul Secunda, Peter Stris
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