The U.S. Supreme Court rejected the Jones v. Harris Associates excessive mutual fund fee case Tuesday, essentially vacating the Chicago federal appeals court’s rejection of the case on the basis that such cases can only be heard when they involve fraud. The Supreme Court has asked the lower court to reconsider the case.

Dating back to 2004, the lawsuit claims that Harris Associates charged retail investors of its Oakmark Funds twice what it charged institutional investors.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.