No. 07-1624.

527 F.3d 627 (2008)

Jerry N. JONES, Mary F. Jones, and Arline Winerman, Plaintiffs-Appellants, v. HARRIS ASSOCIATES L.P., Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided May 19, 2008.

Attorney(s) appearing for the Case

James C. Bradley, Richardson, Patrick, Westbrook & Brickman, Charleston, SC, Ernest Young (argued), Austin, TX, for Plaintiffs-Appellants.

Gordon B. Nash, Jr., Drinker, Biddle & Reath, Chicago, IL, John D. Donovan, Jr. (argued), Brian R. Blais, Ropes & Gray, Boston, MA, for Defendant-Appellee.

Before EASTERBROOK, Chief Judge, and KANNE and EVANS, Circuit Judges.


Harris Associates advises the Oakmark complex of mutual funds. These open-end funds (an open-end fund is one that buys back its shares at current asset value) have grown in recent years because their net returns have exceeded the market average, and the investment adviser's compensation has grown apace. Plaintiffs, who own shares in several of the Oakmark funds, contend that the fees are too high and thus violate § 36(b) of the Investment...

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