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Judicial Review of Mutual Fund Advisory Fees: Reliance on Markets or Statutory Language?

By Joanne Medero
November 16, 2009
Do you own mutual fund shares either directly or through your 401(k) plan? If so, you should be interested in the outcome of the case Jones v Harris Associates to be heard early in the 2009-2010 Supreme Court Term. The case involves allegations of “excessive fees” paid to a mutual fund’s investment adviser and is notable because the Court rarely takes cases arising under the Investment Company Act (“ICA”). The Court was likely motivated to grant review by the differing views of Seventh Circuit Chief Judges Frank Easterbrook and Richard Posner...