THE LEGAL THEORY that mutual fund companies gouged regular investors by charging them higher fees than institutional investors is losing ground following recent summary judgments for the mutual fund company defendants.
A summary judgment in a case against Minneapolis-based Ameriprise Financial Inc., which owns the American Express Funds, follows a similar ruling in an Illinois federal court in February involving Harris Associates’ fund family, the Oakmark Funds. The Oakmark case is now on appeal in the 7th U.S. Circuit Court of Appeals. The cases are John E. Gallus v. Ameriprise Financial Inc., No. 04-4498 D. Minn and Jerry N. Jones v. Harris Associates, No. 07-1624 7th Cir..
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