Donald Yacktman and his money management firm have won an early round in their court fight with the independent directors of the Yacktman funds.

Maryland Circuit Court Judge Albert J. Matricciani, Jr. ruled on Oct. 16 that a shareholder meeting in which Yacktman wants to oust the independent directors of his funds may proceed as planned on Nov. 24. The judge also ordered the four directors not to use fund assets to pay legal fees or other costs in connection with a proxy fight between Yacktman and the directors. Use of the funds' assets to pay those expenses may subject the funds to an SEC enforcement action, Matricciani said in his three-page order.

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