Justices suggest SEC should set mutual fund fees

Several Supreme Court justices appeared to suggest during a case being closely watched by the mutual fund industry that the Securities and Exchange Commission, and not courts, should have authority over setting fund fees. "It makes a lot more sense to have the SEC regulate rates than to have courts do it, doesn't it?" Chief Justice John Roberts said. Financial advisers were quick to echo the apparent sentiments of the justices. "That's what the SEC is there for," said Richard Schroeder, executive vice president of Schroeder Braxton & Vogt.

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