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 (JusticeNewsFlash.com)–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.
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