Supreme Court hears federal Investment Company Act lawsuit

Lower courts dismissal of excessive investment fund fees will be heard by high court.

West Palm Beach, FL (–The Associated Press reported earlier this week the U.S. Supreme Court will hear arguments from plaintiff’s lawyers and defense attorneys over excessive investment adviser fees. The lawsuit dismissed by judges in the 7th U.S. Circuit Court of Appeals will be heard by the high court.

Several plaintiffs sued Harris Associates, L.P., over fees assessed in their shareholder accounts involving Oakmark mutual funds. Court documents filed by fraud lawyers allege Harris’ fees were so high they violated the federal Investment Company Act, legislation voted to outlaw excessive investment adviser fees. The lawyers for the allegedly defrauded shareholders claim other U.S. Appeals Courts have ruled investment advisers violate federal law when the fees charged investors have no reasonable relationship to the services rendered. news for West Palm Beach investment fraud claims attorneys.

About the Author Justice Seeker

Heather L. Ryan, R.N., C.L.N.C- Heather Ryan is a Certified Legal Nurse Consultant with 15 years of experience in the health care industry. Her expertise in reviewing medical records and assisting lawyers with the determination as to whether legal action should be taken provides an invaluable asset to the newsroom. Medical-malpractice, products liability, personal injury and workers’ compensation are some of the recent areas of litigation Ms. Ryan has focused her efforts on. A member of the Florida Justice Association, Heather maintains a long list of certifications and credentials to support her areas of expertise and stays up-to-date with her clinical knowledge working as an emergency room/trauma nurse, at a Level 1, Adult/Pediatric trauma and teaching institution in South Florida.