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Monday, March 09, 2009

The Supreme Court Takes the Oakmark Case

Reported by Neil Anderson, Managing Editor

The U.S. Supreme Court is about to throw its weight at the issue of mutual fund fees. Reuters' James Vicini reports that the high court just agreed to hear an appeal in the so-called excessive fee suit filed against Oakmark funds advisor Harris Associates.

The news is a setback for Harris, as the advisor won its case last year in the Seventh Circuit Court in Chicago (see MFWire, 5/21/2008). But for fundsters who are also constitutional law geeks, the high court's move may not come as a surprise, as the shareholders suing Harris gained a valuable legal ally last year: renowned judge Richard Posner (see MFWire, 8/18/2008). 

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