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By Ryan Leggio | 11-02-2009 10:56 AM

Fund Fees on Trial: Our Report from the Courtroom

Morningstar's Ryan Leggio reports on the Supreme Court justices' questions during oral arguments in the Jones v Harris case and how they may be leaning.

Jason Stipp: I'm Jason Stipp with Morningstar.

The Supreme Court today heard oral arguments in the Jones v Harris case. This is a case that has the potential to change the landscape of fund fees in the U.S. and how much individual investors pay for your mutual funds.

Here with me today is Ryan Leggio. He was in the courtroom today, and he has some news to report about what the justices said, how the questioning went, and where we think the justices may come down in their decision.

Thanks for joining me, Ryan.

Ryan Leggio: No problem.

Stipp: So, if you could, just quickly give me a 20-second recap of who are the plaintiffs in this case, who are the defendants, and what's at issue here.

Leggio: Sure. The plaintiffs in the case are Jones. They are shareholders of three Oakmark mutual funds. The defendants in the case are Harris. Harris is the investment advisor to the Oakmark fund family.

The case reached the Supreme Court because the shareholders, Jones, lost in district court and the appellate court and appealed their case all the way to the Supreme Court.

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