The Yale Law Journal

Quinn Curtis


Taking Exit Rights Seriously: Why Governance and Fee Litigation Don’t Work in Mutual Funds

John D. Morley & Quinn Curtis

120 Yale L.J. 84 (2010). 

Unlike shareholders of ordinary companies, mutual fund shareholders do not sell their shares—they redeem them from the issuing funds for cash. We argue that this unique form of exit almost completely eliminates mutual fund investors’ incentives to use voting, boards, and f…