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The U.S. Court of Appeals for the Eighth Circuit is the latest court to establish a standard for evaluating excessive fee claims under Section 36(b) of the Investment Company Act of 1940, a standard that focuses on the adviser's conduct during the negotiation process and the end result
The U.S. Supreme Court has granted certiorari to review the Seventh Circuit's decision in Jones v. Harris Associates, which rejected the approach taken by the Second Circuit in Gartenberg v. Merrill Lynch Asset Mgmt. for reviewing challenges to mutual fund advisory fees brought under Section 36(b) of the Investment Company Act
