Portfolio managers must allow client challenges unless decisions are taken in good faith, excluding fraud or gross negligence. Blanket contractual clauses barring client review of portfolio managers' investment decisions are improper; such clauses must be modified to state that decisions taken in good faith are final but remain reviewable on grounds of malafide conduct, fraud, conflict of interest, or gross negligence.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Portfolio managers must allow client challenges unless decisions are taken in good faith, excluding fraud or gross negligence.
Blanket contractual clauses barring client review of portfolio managers' investment decisions are improper; such clauses must be modified to state that decisions taken in good faith are final but remain reviewable on grounds of malafide conduct, fraud, conflict of interest, or gross negligence.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.