The mutual fund industry is eager to hear the outcome of a U.S. Supreme Court case that could determine the fate of the Gartenberg standard, an old legal precedent used to determine whether mutual fund fees are too high that has set a high burden of proof for investors and spared the industry from lawsuits.

A district court in Chicago rejected an excessive-fee claim by three investors against Harris Associates' Oakmark Funds, maintaining that the market, not the judiciary, should determine manager fees. The plaintiffs took their case to the U.S. Court of Appeals for the 7th Circuit in Chicago, which affirmed the lower court's order.

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