A mutual fund manager was sued by plaintiffs alleging that it failed to adequately disclose its fee structure and that the fee structure was inappropriate because it created conflicts between the interests of fund managers and investors.

NERA worked with defendant's expert, Professor Laura Starks, Laura T. Charles E. and Sarah M. Seay Regents Chair in Finance and Ph.D. Advisor, Department of Finance at the University of Texas, to show that the fee structure in question was disclosed, did not deviate from industry norms, and that its effect on the actions of managers was indeterminate.

In June 2001, the United States District Court for the District of New Jersey dismissed the suit after concluding that disclosure was adequate and that the potential for a conflict of interest did not constitute a breach of fiduciary duty. This decision was upheld on appeal.