The mutual fund industry is eagerly discussing the implications of the Supreme Court's ruling in Jones v. Harris. On Wednesday the Independent Directors Council and the Investment Company Institute gathered about 80 people (outside and in-house mutual fund firm counsel, as well as independent directors) in Washington, D.C. to talk exclusively about the case.

"It was our first one-time conference for a court case," confirmed Amy Lancellotta, managing director of the IDC.

Speakers at the event (which was closed to the media) included ICI CEO Paul Schott Stevens, Fidelity general counsel Scott Goebel, Janus general counsel Kelley Howes, AllianceBernstein's Philip Kirstein and directors from Evergreen and Nuveen, as well as a number of outside attorneys.

Lancellota told The MFWire that she sees the Supreme Court's decision as "pragmatic, not dogmatic."

"It will be an opportunity for directors and management to review the current process of approving the advisory contract," Lancellotta said.

Next up, the IDC will host a workshop in D.C. on May 6, concurrent with the ICI's giant annual general membership meeting in the same city. 

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