Recent Developments Regarding Books and Records Demands to Mutual Funds (Volume 55, Number 9—May 11, 2022)
Author: Sean M. Murphy.; Jed M. Schwartz.; Gary A. Crosby II.
Source: Volume 55, Number 09, May 1 2022 , pp.85-99(15)
Abstract:
Shareholders of mutual funds have with increasing frequency made demands to inspect their fund’s books and records, demands that typically are opposed by fund directors and management. In this article, the authors address such conflicts. After an introduction, they discuss, in detail, shareholders’ inspection rights to fund records under the laws of Delaware and Massachusetts, and the cases decided under each. After each discussion, they give key takeaways and observations. They close with a comparison of inspection rights under the laws of the two states.Keywords: Governance, Structure, Organization, and General Obligations of Mutual Funds; Shareholders’ Rights to Inspect Books and Records; Delaware Law; Massachusetts Law
Affiliations:
1: Milbank LLP; 2: Milbank LLP; 3: Milbank LLP.