One of the interested entities in the investment case that the Court ruled on Tuesday is the Investment Company Institute. It filed a brief with the high court in support of the plaintiffs.
It is a trade association that represents the interests of investment companies, mutual funds and other financial industry partners.
ICI’s President and CEO Paul Schott Stevens issued the following statement shortly after the ruling:
“The Supreme Court’s unanimous decision brings stability and certainty for mutual funds, their directors, and almost 90 million investors, by endorsing the long-standing framework under which courts consider claims of excessive fund advisory fees. The Court’s decision recognizes that this framework has worked for funds, advisers, boards, courts, and—most importantly—fund shareholders, who have seen their cost of investing fall by half in the last 20 years, making it easier for them to meet retirement, education, and other vital financial goals.”