High Court Aims To Define Mutual Fund Fiduciary Duty

Law360, New York (November 2, 2009, 7:05 PM EST) -- The U.S. Supreme Court heard oral arguments Monday in a case filed by a group of clients alleging mutual fund manager Harris Associates LP charged excessive fees, and all sides appeared to walk away from an appellate court ruling that could have significantly altered the fee structure of the $11.5 trillion mutual fund industry.

The high court engaged in what one observer called spirited questioning of both sides in Jones v. Harris Associates, an appeal of a May 2008 decision in the U.S. Court of Appeals...
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