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Article: Excessive-fee case may head to Supreme Court; Lower court ruling makes it harder for investors to sue fund advisers.(News)
- Article from:
- Investment News
- Article date:
- June 2, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David Hoffman
A recent court ruling makes it harder for investors who want to sue mutual fund advisers over "excessive fees,'' but the case may be headed to the U.S. Supreme Court.
If allowed to stand, the ruling could also mean that fund boards may eventually decide to relax the process by which they determine whether fees are excessive, industry experts said.
"I think [fund directors] will be acutely aware of all the implications of this,'' said Jeff Keil, president of Keil Fiduciary Strategies LLC, an industry consulting firm in Littleton, Colo.
Let the market decide
The 7th U.S. Circuit Court of Appeals in Chicago ...