The Rockies Fund, Inc., et al. v. Securities and Exchange Commission

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November 15, 2005

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6722 Management Investment Offices, Open-End
525910 Open-End Investment Funds
securities litigation
The Rockies Fund, Inc., et al. v. Securities and Exchange Commission
2005 U.S. App. LEXIS 24521
US
Federal Court
District of Columbia
United States Court of Appeals
David A. Zisser, David E. Carney, Edward J. Meehan, Eric Summergrad, Giovanni P. Prezioso, Leslie E. Smith
Sentelle

Summary

Court finds that mutual fund directors—including independents—showed “extreme departure” from duty of care by failing to assign fair value to funds’ holdings.
The Rockies Fund, Inc., et al. v. Securities and Exchange Commission
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Court finds that mutual fund directors—including independents—showed “extreme departure” from duty of care by failing to assign fair value to funds’ holdings.