Group 1: Fund Raising - Fund managers who fail to fulfill suitability obligations may bear 50% of the compensation responsibility, as demonstrated in a case where the court ruled that the fund manager did not adequately disclose investment risks to the investor [2][3] - In another case, the court determined that the fund manager also bore 50% of the compensation responsibility due to not conducting a thorough suitability assessment before the investor made a payment [5][7] - A case highlighted that if a fund manager mismatches the investor's risk tolerance with the product's risk level and provides misleading statements, they may be liable for 60% of the investor's losses [10][11] Group 2: Regulatory Compliance - Banks must ensure strict supervision of their employees to prevent unauthorized sales of non-bank products, as seen in a case where a bank was held liable for losses incurred by a client due to an employee's misconduct [17][18] - The court emphasized that financial institutions should enhance their management of employees and promptly address any violations to protect consumer rights [18] Group 3: Legal Relationships - The court ruled that without unanimous consent from all partners, an investment in a partnership-type private fund does not constitute a valid investment relationship, but rather a trust relationship, limiting the liability of non-contributing partners to their committed capital [19][21] - In a case involving an unlicensed fund manager, the court determined that the contract remains valid despite the manager's lack of registration, but the manager must return the principal and compensate for the cost of capital [23][25] Group 4: Fiduciary Duties - A financial advisor managing a private fund who fails to act diligently may be held liable for 70% of the losses incurred by investors, as they are expected to fulfill fiduciary duties [26][28] - The court established a "six-step review method" for due diligence obligations of asset management product managers, emphasizing the need for thorough and ongoing investigations [30][31] Group 5: Management Fees - Fund managers are entitled to collect management fees only for the periods during which they have fulfilled their core management responsibilities, and any fees collected beyond that must be returned [39] - The court ruled that fund managers can negotiate to reduce certain fiduciary duties, but they cannot charge service fees solely based on fund investments [41][43]