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GREEN v. FUND ASSET MANAGEMENT, L.P.

No. Civ. 97-3502(DRD).

53 F.Supp.2d 723 (1999)

Jack GREEN, Individually and as Trustee, Lawrence P. Belden, Trustee, and Stanley Simon, Trustee, Plaintiffs, v. FUND ASSET MANAGEMENT, L.P., Merrill Lynch Asset Management, L.P., Merrill Lynch & Co., Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Princeton Services, Inc., Arthur Zeikel, Terry K. Glenn, Munienhanced Fund, Inc., Munivest Fund II, Inc., Muniyield Fund, Inc., Muniyield Insured Fund, Inc., Muniyield Insured Fund II, Inc., Muniyield Quality Fund, Inc., and Muniyield Quality Fund II, Inc., Defendants.

United States District Court, D. New Jersey.

June 14, 1999.

Attorney(s) appearing for the Case

Bruce I. Goldstein, Saiber, Schlesinger, Satz & Goldstein, LLC, Newark, NJ, Robert E. Sullivan, Sullivan, Weinstein & McQuay, Boston, MA, Laurence M. Johnson, Mahoney, Hawkes & Goldings, Boston, MA, for plaintiffs.

Paul A. Rowe, Alan S. Naar, Greenbaum, Rowe, Smith, Ravin, Davis & Himmel LLP, Woodbridge, NJ, James N. Benedict, Mark Holland, James F. Moyle, Sean M. Murphy, Rogers & Wells LLP, New York City, for defendants Fund Asset Management, L.P., Merrill Lynch Asset Management, L.P., Merrill Lynch & Co., Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Princeton Services, Inc., Arthur Zeikel and Terry K. Glenn.

Robert J. Del Tufo, Skadden, Arps, Slate, Meagher & Flom LLP, Newark, NJ, Thomas J. Dougherty, James R. Carroll, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA, for defendants MuniEnhanced Fund, Inc., MuniVest Fund II, Inc., MuniYield Fund, Inc., MuniYield Insured Fund, Inc., MuniYield Insured Fund II, Inc., MuniYield Quality Fund, Inc., and MuniYield Quality Fund II, Inc.

OPINION

DEBEVOISE, Senior District Judge.

In this action, plaintiffs claim that defendants failed to disclose an allegedly improper advisory compensation arrangement for managing seven closed-end investment companies. Defendants jointly move for judgment on the pleadings pursuant to Fed.R.Civ.P. 12(c) dismissing plaintiffs' state law claims for breach of fiduciary duty and deceit on the ground that they are preempted by Section 36(b) of the Investment...

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