Courts Can Oversee Mutual Funds’ Pay, Justices Rule

March 31, 2010  |  

(NYTimes.com) — The Supreme Court on Tuesday ruled that courts have a role, though a limited one, in policing the compensation of mutual fund investment advisers.

The ruling set aside a decision from the federal appeals court in Chicago that said the marketplace could for the most part be trusted to set such pay. But the standard adopted in Tuesday’s decision was distinctly fuzzy and might provide little concrete guidance to the lower courts.

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