Today, the Supreme Court issued its long awaited opinion in the Jones v. Harris Associates case. Justice Alito delivered the opinion of the unanimous court embracing the "Gartenberg standard" regarding how mutual fund directors assess the fees their funds pay for investments advice. In its opinion, the Court vacates the Seventh Circuit's ruling and remands the case back to the lower court for further fact finding and a new ruling based on the standards set forth in the Supreme Court's opinion.
In upcoming weeks, the Forum and Morningstar will hold a series of webinars, "Life After Jones," exploring what the Supreme Court's ruling in Jones means to fund directors. The Supreme Court's slip opinion in Jones v. Harris Associates is available at: http://www.supremecourt.gov/opinions/09pdf/08-586.pdf