WASHINGTON -- A robust, well-documented oversight process by mutual fund boards can help to keep investor lawsuits at bay, but good documentation is not enough. Experts say boards must also stay on top of a wide range of developments in derivative exposure and potentially misleading advertisements, among other things.

The recent, well-publicized Supreme Court decision Jones v. Harris Associates has reaffirmed the crucial role boards play in setting fund fees, and has heaped even more responsibility on directors.

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