7th Circuit Says Mutual Fund Fees Are Not Too High

Law360, New York (May 19, 2008, 12:00 AM EDT) -- The Seventh Circuit Court of Appeals rebuffed a group of clients of Harris Associates LP on Monday, upholding a lower court's decision that the firm's advisory fees for a group of mutual funds are not excessive.

Chief Judge Frank H. Easterbrook said that Harris' fees for the Oakmark complex of mutual funds are not too high, underscoring the role of the market and trustees rather than judges in determining reasonable advisory fees.

The plaintiffs, a group of three investors that own shares of Oakmark stock, alleged...
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