Jones v. Harris Associates
| Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
|---|---|---|---|---|---|---|
| 08-586 | 7th Cir. |
Nov 2, 2009 |
Mar 30, 2010 | 9-0 | Alito | OT 2009 |
Holding: Investment advisors cannot charge mutual fund shareholders fees that are so disproportionately large that they are clearly out of proportion to the services rendered, even when the mutual fund shareholders are not misled about these fees.
Judgment: Vacated and remanded, 9-0, in an opinion by Justice Samuel Alito on March 30, 2010. Justice Thomas filed a concurring opinion.
SCOTUSblog Coverage
- Court Adopts Flexible Gartenberg Standard (Anna Christensen, April 1, 2010)
- Could the Court Look to the SEC to Regulate Advisory Fees? (Anna Christensen, November 3, 2009)
- Will the Court Reject a Market-Based Approach for Advisory Fees? (Anna Christensen, November 2, 2009)
- What Constitutes a Breach of "Fiduciary Duty"? (Jones v. Harris Associates Argument Preview) (Anna Christensen, October 23, 2009)
- U.S. urges curb on investment advice fees (Lyle Denniston, June 17, 2009)
Briefs and Documents
Merits Briefs
- Brief for Petitioner Jerry N. Jones, Mary F. Jones, and Arline Winerman
- Brief for Respondent Harris Associates, L.P.
- Reply Brief for Petitioner Jerry N. Jones, Mary F. Jones, and Arline Winerman
Amicus Briefs
- Brief for Robert Litan, Joseph Mason, and Ian Ayres in Support of Petitioner
- Brief for The North American Securities Administrators Association, Inc., in Support of Petitioner
- Brief for Law Professors in Support of Petitioner
- Brief for the National Association of Shareholder and Consumer Attorneys (NASCAT) in Support of Petitioner
- Brief for AARP and the Consumer Federation of America in Support of Petitioner
- Brief for United States of America in Support of Petitioner
- Brief for Professor Deborah A. DeMott and Professor Mark L. Ascher in Support of Petitioner
- Brief for John C. Bogle in Support of Petitioner
- Brief for the Securities Industry and Financial Markets Association in Support of Respondent
- Brief for the Mutual Fund Director’s Forum in Support of Respondent
- Brief for the CATO Institute in Support of Respondent
- Brief for the Investment Company Institute in Support of Respondent
- Brief for Fidelity Managment & Research Company in Support of Respondent
- Brief for the Independent Directors Council in Support of Respondent
- Brief for the Chamber of Commerce of the United States of America in Support of Respondent
- Brief for the Law and Finance in Support of Respondent
Certiorari-stage documents
- Opinion below (7th Circuit)
- Petition for certiorari
- Brief in opposition
- Brief amici curiae of AARP and Consumer Federation of America (in support of petitioner)
- Brief amici curiae of Law Professors (in support of petitioner)
- Petitioner's reply
