Oakmark Wins Fee Battle: Ruling Seen as Victorious Precedent

June 2, 2008

While not exactly a national victory for the mutual fund industry, a recent court ruling regarding 'excessive fees' could set a strong precedent for further disputes. In the case Jerry N. Jones v. Harris Associates L.P., the U.S. Court of Appeals, Seventh Circuit affirmed a lower court's decision to dismiss claims that the Oakmark Funds, managed by Harris Associates, breached their fiduciary duties by charging retail investors excessive fees.

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