Mutual Fund Fees: The Supreme Court Adopts the Gartenberg Standard
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This client memo discusses the United States Supreme Court's recent decision in Jones et al. v. Harris Associates L.P. The decision reaffirms the long-standing standard set forth in Gartenberg v. Merrill Lynch Asset Management, Inc. applicable to challenges to mutual fund management fees under Section 36(b) of the Investment Company Act of 1940.