072945P.pdf   04/08/2009  John E. Gallus  v.  Ameriprise Financial
   U.S. Court of Appeals Case No:  07-2945
   U.S. District Court for the District of Minnesota - Minneapolis   
   [PUBLISHED] [Wollman, Author, with Beam and Riley, Circuit Judges]
   Civil case - Investment Company Act of 1940. District court erred in
   holding that no Section 36(b) violation occurred simply because
   defendant's fee passed muster under the standard announced in
   Gartenberg v. Merrill Lynch Asset Mgmt., Inc., 694 F.2d 923 (2nd Cir.
   1982); although the district court properly applied the Gartenberg factors
   for the limited purpose of determining whether the fees constituted a
   breach of fiduciary duty, it erred in rejecting a comparison between the
   fees defendant charged its institutional clients and its mutual funds
   clients; the district court should have determined whether defendant
   purposefully omitted, disguised or obfuscated information regarding fees
   charged different types of clients in its presentations to the Board
   representing plaintiffs; plaintiffs may obtain recovery for damages
   suffered while the litigation is pending.