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Jones v. Harris Associates L.P.

United States Court of Appeals for the Seventh Circuit
527 F.3d 627 (7th Cir. 2008)


Facts

Harris Associates L.P. (Harris) (defendant) advised Oakmark on the maintenance of Oakmark’s mutual funds. The funds grew over the course of a couple of years and Harris’s compensation for its advice grew at the same rate. The compensation was roughly the same as other similarly situated funds pay their advisors. Oakmark shareholders (plaintiffs) brought suit alleging that the compensation became too high, in breach of Harris’s fiduciary duty to its client. The district court granted Harris’s motion for summary judgment. The plaintiffs appealed.

Rule of Law

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Issue

The issue section includes the dispositive legal issue in the case phrased as a question. To access this section, start your 7-day free trial of Quimbee for Law Students.

Holding and Reasoning (Easterbrook, J.)

The holding and reasoning section includes:

  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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