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Appeals Court Rejects Mutual Fund Excessive Fee Claims, Adopting New Standard for Evaluation of Fees |
June 16, 2008
Previously published on May 20, 2008
In a significant setback for plaintiffs' lawyers taking aim at advisory and distribution fees, the U.S. Court of Appeals for the Seventh Circuit on May 19, 2008, affirmed the grant of summary judgment to Harris Associates - the manager of the Oakmark Family of Funds - on a claim that its fees were excessive in violation of Section 36(b) of the Investment Company Act.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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