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DAILY INCOME FUND, INC. v. FOX

No. 82-1200.

464 U.S. 523 (1984)

DAILY INCOME FUND, INC., ET AL. v. FOX

Supreme Court of United States.

Decided January 18, 1984

Attorney(s) appearing for the Case

Daniel A. Pollack argued the cause for petitioners. With him on the briefs were Frederick P. Schaffer, George C. Seward, and Anthony R. Mansfield.

Richard M. Meyer argued the cause and filed a brief for respondent.*

Solicitor General Lee, Deputy Solicitor General Claiborne, Samuel A. Alito, Jr., Daniel L. Goelzer, Paul Gonson, Jacob H. Stillman, Richard A. Kirby, and Myrna Siegel filed a brief for the Securities and Exchange Commission as amicus curiae urging affirmance.

JUSTICE BRENNAN delivered the opinion of the Court.

The question for decision is whether Rule 23.1 of the Federal Rules of Civil Procedure requires that an investment company security holder first make a demand upon the company's board of directors before bringing an action under § 36(b) of the Investment Company Act of 1940 to recover allegedly excessive fees paid by the company to its investment adviser. The Court of Appeals for the Second Circuit

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