High-profile tort attorneys, most notably those who won huge lawsuits against tobacco firms, are preparing a series of class-action suits against mutual fund companies, charging them with violating their fiduciary duties through excessive fees, FundDirections reports.

While the $8.4 trillion fund industry has successfully lobbied Washington since the passage of the 1940 Act, South Carolina Law School Professor John Freeman tells FundDirections, many in the industry fear they have now met their match in trial judges willing to take a fresh look at fund fees.

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