A recently enacted Maryland law that makes it more difficult to challenge the independence of fund directors in court is under attack.
The Maryland Court of Appeals, that state's highest court, has agreed to hear arguments on whether the directors' independence law violates the Maryland constitution. The Appeals Court, in a two-page order Dec. 8, agreed to hear a case brought by two Maryland mutual fund shareholders, David Migdal and Linda B. Rohrbaugh, against the state legislature and Maryland Gov. Parris N. Glendening (D). The appeals court is scheduled to hear oral argument on the case in March. A specific date for the hearing has not been set, officials at the Appeals Court clerk's office said last week.