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Article: Supreme Court Should Restore Fiduciary Responsibility to Mutual Fund Advisers' Fees and Remove Roadblocks Barring Investors From Statutory Remedy, Investor Advocates Say.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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As the Supreme Court prepares to hear oral arguments today in Jones v. Harris Associates, LP, the National Association of Shareholder and Consumer Attorneys (NASCAT) explained why the Supreme Court should side with mutual fund investors by removing lower court roadblocks that have barred shareholders from the remedy to excessive investment advisory fees that Congress enacted for them in the Investment Company Act as amended in 1970. In its amicus brief submitted to the Court on June 17, NASCAT gave voice to the legal rights and concerns of tens of millions of mutual fund shareholders in the face of a well-organized and powerful mutual fund lobby.
"Although ...