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Monday, July 09, 2012

Janus, One Year Later

News summary by MFWire's editors

Last year's Janus Capital Group, Inc. v. First Derivative Traders Supreme Court ruling -- in which the high court ruled 5-4 that investment advisors for mutual funds could not be sued for false statements made by their fund -- got the full news feature treatment by Diana B. Henriques in Saturday's New York Times.

Henriques looks at what the court decided and what the long-reaching implications could be for the fund industry.

"I can't see how anyone can seriously hold the view that fund structure today breeds the resources to do the job that the court's statement assumes could be done," said David Silver, a former president of the Investment Company Institute said to the NY Times.

The ultimate question the article asks is whether or not "the fund" and "the fund directors" are one and the same. With the court saying they are not, the next question -- the one which the article said hasn't been answered yet -- is who holds the responsibility for a funds actions. 

Edited by: Ben Geier


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