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GARTENBERG v. MERRILL LYNCH ASSET MANAGEMENT, INC.

No. 79 CIV. 3123(MP).

487 F.Supp. 999 (1980)

Irving L. GARTENBERG, Plaintiff, v. MERRILL LYNCH ASSET MANAGEMENT, INC., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, and Merrill Lynch Ready Assets Trust, Defendants.

United States District Court, S. D. New York.

March 18, 1980.

Attorney(s) appearing for the Case

Pomerantz, Levy, Haudek & Block, New York City, for plaintiff, by Abraham L. Pomerantz, William E. Haudek and Richard M. Meyer, New York City.

Rogers & Wells, New York City, for defendants Merrill Lynch Asset Management, Inc., and Merrill Lynch, Pierce, Fenner & Smith, by William P. Rogers, Stanley Godofsky, James N. Benedict and Andrew M. Low, New York City.

Brown, Wood, Ivey, Mitchell & Petty, New York City, for defendant Merrill Lynch Ready Assets Trust, by James K. Manning and A. Robert Pietrzak, New York City.

OPINION

MILTON POLLACK, District Judge.

This is a derivative action by a shareholder of a money-market mutual fund, brought pursuant to § 36(b) of the Investment Company Act, 15 U.S.C. § 80a-35(b). Plaintiff has demanded a trial by jury as a matter of constitutional right. Plaintiff claims that the Fund's investment adviser, defendant Merrill Lynch Asset Management, Inc., breached the fiduciary duty it is deemed to have under § 36(b) by receiving...

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