WASHINGTON - The regulators who oversee the mutual fund business and the lawyers who advise fund companies are battling about how far the SEC ought to go in regulating mutual fund advertisements.

SEC lawyers, fearing triple-digit returns last year for more than 150 funds will not be repeated, are continuing to pressure the fund industry to tone down its performance ads. In response, mutual fund lawyers now are suggesting that the SEC is on the verge of over-regulating fund ads.

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