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...Two well-known justices from that circuit – Frank Easterbrook and Richard Posner – fuelled the fight by taking opposing views on the fee debate when the case came before their court....
...In this case, Frank Easterbrook, a circuit judge, last year ruled that mutual fund fees were not excessive as long as they were disclosed and there was no fraud involved....
...The so-called Gartenberg standard became the ruling precedent, with virtually all fund directors today relying on several “Gartenberg factors” in approving management fees and contracts....
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