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Friday, February 13, 2009

Will the Supreme Court Hear a Fund Fee Case?

by: Neil Anderson, Managing Editor

What does the Supreme Court think about allegedly excessive mutual fund fees? In Morningstar's "Fund Times" column, Ryan Leggio reports that Oakmark funds advisor Harris Associates expects the Supreme Court to decide next month whether or not to reopen an excessive fee suit filed by fund shareholders.

Harris already beat back the lawsuit in the Seventh Circuit Court of Appeals (see MFWire, 5/21/2008), thanks to a standard that says that only "disproportionately large" fees are unreasonable. (According to Morningstar, no investor has even won such a suit.) The case then gained more attention last summer for its appeal thanks to a critique from renowned jurist Richard Posner (see MFWire, 8/18/2008). 

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