It looks like the mutual fund industry can count on at least one SEC
commissioner's support when it comes to debates over allegedly excessive mutual fund fees or regulating money market funds. In the Friday edition of the Wall Street Journal
's "Fund Track" column, Sam Mamudi and Daisy Maxey report
that Troy Paredes
is worried about both the Oakmark Funds
fee lawsuit and the proposed money fund regulations.
"Courts aren't well-positioned to second-guess decisions made by boards and companies in good faith," Paredes reportedly told attendees at the ICI
's 11th annual Capital Markets Conference in New York; he questioned the wisdom of a floating NAV requirement. "Such a departure from a stable $1 a share NAV would fundamentally change the nature of money-market funds."
The Oakmark suit, Jerry N. Jones et al v. Harris Associates
, will go before the Supreme Court for oral arguments on November 2.
Neil Anderson, Managing Editor
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