In a decision that could change the way fees for mutual fund advisers are regulated, the 7th Circuit ruled on Monday that courts should play no part in determining whether such fees are reasonable. John Donovan, a Ropes & Gray partner who represented Harris Associates in the case, says the ruling could scuttle pending cases against other advisers. Dechert's Michael Doluisio, who has defended mutual fund advisers in similar cases, called the ruling a major break from precedent.
7th Circuit Ruling a Big Win for Mutual Fund Advisers
The American Lawyer
May 22, 2008