The U.S. Supreme Court granted certiorari March 9, 2009, agreeing to hear plaintiffs’ appeal of the Seventh Circuit’s Jones v. Harris Associates opinion, which rejected the Gartenberg v. Merrill Lynch Asset Management standard by which courts have judged the “reasonableness” of mutual fund investment advisers’ fees for nearly 30 years. Specifically, the Supreme Court has been asked to determine whether the Seventh Circuit “erroneously held, in conflict with the decisions of three other circuits, that a shareholder’s claim that the fund’s investment adviser charged an excessive fee – more than twice the fee it charged to funds with which it was not affiliated – is not cognizable under § 36(b) [of the 1940 Act], unless the shareholder can show that the adviser misled the fund’s directors who approved the fee.” The Supreme Court is scheduled to hear the case during its October 2009 term. A decision is not expected until sometime in 2010.