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Victory for mutual fund industry

The Supreme Court yesterday handed a victory to the $11 trillion mutual fund industry by endorsing a 1982 legal standard to decide the fairness of fund fees, a ruling that gives companies considerable freedom to set investment adviser charges. The justices unanimously adopted the standard in a 1982 US appeals court ruling that fees are excessive only when they are so high they could not be the result of arm’s-length bargaining and bear no reasonable relationship to the services provided.