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Gartenberg Standard and Mutual Fund Fees

It’s not often that the Supreme Court takes on a case with such a key personal finance subject, mutual fund fees, so when the highest court in the land made a ruling last week, I perked up. The case was Jones v. Harris Associates and it concerned Harris Associates’s Oakmark funds. Shareholders owned Oakmark funds through their employer’s plans and were charged a management fee of 0.88%, versus the 0.45% fee charged to Harris Associates’s institutional clients. The plaintiff’s argument was that they were being charged an excessive fee compared to Harris’s clients, in this case almost twice as much.

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