Our client defeated a $1.5 billion suit in a trial over allegedly excessive advisory fees. Retained by Skadden, Arps, Slate, Meagher & Flom Plaintiffs sued BlackRock under Section 36(b) of the Investment Company Act, alleging that the firm charged excessive advisory fees to shareholders of two of its largest mutual funds, the Global Allocation and Equity Dividend funds. Given that the funds together grew to over $80 billion during the relevant period, alleged damages exceeded $1.5 billion. Defense counsel retained Professor Erik Sirri, supported by Cornerstone Research, to provide expert and rebuttal testimony. This is the first 36(b) case brought under a “subadviser” theory that has reached a trial decision. This is the first 36(b) case brought under a “subadviser” theory that has reached

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