Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Another Group Backs Harris With a Brief to the Supreme Court Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 4, 2009

Another Group Backs Harris With a Brief to the Supreme Court

Reported by Daniel Tovrov

Lines are being drawn in the sand in the Jerry N. Jones et al v. Harris Associates court case as yet another brief in support of Harris' Oakmark Funds has been filed with the Supreme Court. Quickly following the Investment Company Institute's filing, the Mutual Fund Directors Forum sent a fifty page entreaty to the highest court in the nation.

With help from the law firm Dechert, the Mutual Fund Directors Forum hopes to persuade the court not to amend current laws on mutual fund fee determination. The brief approaches the issue from an historical lens, citing in detail articles of the Investment Company Act of 1940, and Congress' many amendments and changing sentiments over the decades.

"Congress intended independent boards to serve in their own right as critical means to assess whether an advisor's fee is appropriate... Congress chose not to dictate the factors boards must consider in approving an advisory contract, let alone the weight to be given any particular factor," the forum's attorneys state in the brief. They go on to say that "in this case, there is no demonstration that the board neglected its duties under the ICA, or was deceived in some material way."

Like the other parties which have weighed in on the issue -- including ICI, the Independent Directors Council, and the U.S. Chamber of Commerce -- the Mutual Fund Directors Forum wants the Seventh Circuit Court's decision to be upheld, and the group fears the repercussions of increased government- and independent director-influence over mutual fund fee decisions. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use