Tuesday, Nov. 03, 2009

Supreme Court unlikely to delve into fight on fees

WASHINGTON -- Several Supreme Court justices seemed unsympathetic to calls for the court to get involved in setting fees for mutual funds, a common form of retirement investment.

Americans have invested more than $10 trillion in mutual funds, according to industry figures. The more money the adviser charges in fees, the less money goes into the mutual fund for investors.

Investors in Oakmark Mutual Funds sued, arguing that the mutual fund's investment adviser, Harris Associates, charged too much in fees for their work. Lower courts have rejected those claims.

During oral arguments, Chief Justice John Roberts and Justice Antonin Scalia said people can look at the fund fees and move their money somewhere else if they don't like what they are being charged.