Legislation & Lobbying
Roberts: Should Courts Review Mutual Fund Fees When Morningstar Has Info?
Posted Nov 3, 2009, 08:19 am CST
By Debra Cassens Weiss
Chief Justice John G. Roberts Jr. and Justice Antonin Scalia questioned yesterday whether courts should be evaluating mutual fund fees when investors can make their own assessments.
At issue in the case is whether investors in the Oakmark family of mutual funds can challenge high fees set by fund manager Harris Associates under a 1970 federal law establishing "a fiduciary duty” on advisers concerning their compensation. The Washington Post and the Los Angeles Times highlighted comments by Roberts, who noted that technology makes comparisons easy.
“These days all you have to do is push a button and you find out exactly what the management fees are,” Roberts… Continue reading...
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