John Donovan Ropes & Gray LLP Partner

The Ropes & Gray partner led the defense of Harris Associates and Oakmark Funds over whether the firm had charged excessive fees to investors. This year the Supreme Court ruled in the case that is reshaping how fees are justified in the industry.

In a 9-0 decision, the Court set the standard by which "excessive fee" claims under Section 36(b) of the Investment Company Act are measured. The ruling also endorsed the primacy of independent fund directors in setting fees, and rebuffed attempts by plaintiffs’ lawyers to encourage increased judicial scrutiny of fees.  

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