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8 Oct 5:01 am
... Supreme Court recently scheduled oral arguments in Jones v. Harris Associates, 527 F.3d 627 (7th Cir. 2008), for November 2nd. The Seventh
Circuit's ... while Judge Posner dissented from the petition for rehearing en banc. See Jones v. Harris Assocs., 537 F.3d 728 (7th Cir. 2008)
(Posner, J., ... smaller investors. The plaintiffs are shareholders of several of the Oakmark funds claiming the fund paid Harris excessive
fees. They argued that the Trustees of the funds violated their fiduciary obligations ...
18 Aug 9:51 am
... in the past 48 hours highlights a particularly fascinating corporate law case on the Supreme Court's upcoming docket: Jones v Harris.
First, Wall Street Journal columnist Jason Zweig published a piece over the weekend which opened by noting that unlike typical ... Judge Easterbrook and Classical Law & Economics
Judge Posner and Behavioral Law & Economics Practical Implications of a Supreme Court Ruling in Jones v. Harris Theoretical Implications of
a Supreme Court Ruling in Jones v. Harris
8 Nov 1:57 pm
... and microphones, with Nina Totenberg firmly in control. I noticed that the ICI representatives stood shoulder-to-shoulder with the representatives for Harris Associates at the press conference, as they have throughout much of this litigation. But I wonder whether that alliance is ... he may have been
thinking specifically of the trial judge in this case, who has already issued favorable rulings for Harris and to whom the case might once
again be remanded. But the industry would have to defend the ...
12 Mar 7:46 pm
And now, to conclude, a few thoughts on the theoretical implications of a Supreme Court ruling in Jones v. Harris. While this case is sure to
become a seminal mutual fund case, it's also likely to shed a great deal of light on ... dueling econometric analyses of market competition. The first -- and perhaps the broadest and
most interesting -- ramification of Jones v. Harris is the prominence of Posner's reevaluation of his earlier views on law and economics. As
Brian Tamanaha has noted, the current ...
18 Aug 1:38 pm
Although Larry Ribstein portends broad ramifications from Jones v. Harris, he supports Easterbrook's lower court opinion and is unenthusiastic
about the Supreme Court's involvement. He cites with approval a good deal of Easterbrook's opinion, much of which Posner addressed in his dissent from denial of rehearing en banc.
Ribstein also focuses upon a few additional points with which I quibble here: First, Ribstein emphasizes that different clients call for different commitments of an adviser's ...
18 Aug 1:16 pm
Dale Oesterle, Stephen Bainbridge, and now Larry Ribstein have all recently weighed in Jones v. Harris, the upcoming Supreme Court case that
has drawn attention and increased press coverage in the past few days. Oesterle suggests that the case "will have ripples across the governance of companies countrywide." Ribstein
concurs, predicting that the "ramifications of this case potentially extend well beyond the Court's holding, whichever way it goes." I agree with both and believe that this case ...
2 Nov 9:17 pm
... the briefs, but instead to acknowledge the propriety of comparisons between institutional and retail fees. Heretofore, Harris Associates -
and the industry generally - had consistently maintained that such comparisons are inapt, unworkable, and unwise ... similar investments. So why then would the defendant accede to such
a new standard today? Perhaps Harris Associates calculated that appearing conciliatory before the Court by agreeing to the inclusion of this
factor in the overall test would ward ...
12 Mar 7:29 pm
In a pair of final segments to my series of posts on Jones v. Harris, I will speculate separately on the practical and theoretical implications
of a Supreme Court ruling. So, let's start with the practical. First, a liminal ... upheld a patient's right to sue a drug manufacturer in the face of the manufacturer's arguments of
federal preemption. Jones v. Harris arguably presents an even more populist opportunity for the Court to protect individual investors from
Bernie Madoffs at a time of economic ...
9 Sep 7:15 am
John Coates has posted an informative summary of the amicus brief that he and an impressive group of law professors filed in support of the respondents in Jones v. Harris. Larry Ribstein, who joined that brief and has been following the case for a while, has more details here. And Stephen Bainbridge, whose excellent
BusOrg casebook was very early to excerpt the Seventh Circuit opinion by Easterbrook, adds his own coverage here. Since the amicus filing deadline last week, a number of news outlets
...
28 Sep 7:27 pm
Earlier this evening, counsel for petitioners in Jones v. Harris filed their reply brief (Download 08-586rb-1), bringing the substantial array
of briefing in this case to a close. Counting amicus filings, the case's Supreme Court ... of the petitioners' half hour. Perhaps the most interesting new argument in today's brief is
the petitioners' contention that "[n]either Harris nor its industry amici attempt to defend the Seventh Circuit's analysis." Indeed, many of
those briefs argued instead for a ...
21 Aug 2:08 pm
Josh Wright at ToTM has a terrific post up this morning that wonderfully illustrates just how fascinating the Jones argument and decision could be for broad swaths of legal theory.
Eschewing relatively obvious issues of corporate and securities law, he jumps right into the thick of the theoretical implications of the Supreme Court's attempt to evaluate competing
econometric analyses of the fund market, briefly detouring along an important byway through competing behavioral and classical ...
5 Nov 10:05 am
With Jones v. Harris now submitted to the justices for their consideration, academics can fill the next few months of silence speculating about
the eventual decision and the responses it may evoke. Some commentators have already considered how trial courts might deal with a pro-plaintiff Gartenberg-plus standard and whether
Congress would revisit a pro-defendant status quo ruling. But not much time has been spent thinking about how the executive branch will respond. In fact, of all the ...
30 Oct 5:00 am
... those of you who haven't been following the story, here's a brief recap, shamelessly borrowing from William's prior posts: Jones, et al.,
were investors in mutual funds managed by Harris Associates, an investment adviser. Those investors are now suing ... an annual review of
advisory contracts following these "Gartenberg factors." In the Seventh Circuit, Jones v. Harris featured a notable disagreement between Judges
Easterbrook and Posner. Easterbrook, relying on the market, noted ...
23 Sep, 2008 8:56 am
... (I learned over the weekend a 6th felony attorney turned in their resignation on top of the five mentioned earlier on Grits), in Harris
County the commissioners court today will hear the details of a preliminary plan on how to create a PD office in Houston. The idea is still ... . That's the crux of the concerns raised
in the Chronicle story by the defense bar: Criminal defense lawyer Tate Williams said the plan does not go far enough to eliminate the appearance of impropriety. "If the judges
get to ...
10 Sep, 2007 2:29 am
... or not Bradford used profanity to a subordinate. The case was basically laughed out of the courtroom in 2003 when the judge, himself a former Harris County prosecutor, embarrassingly directed an acquittal before testimony even concluded. According to the Houston Press, the case ... what harm the
30-year-old statute seeks to prevent." Even Justice Antonin Scalia, who along with Chief Justice William Rehnquist made a mighty attempt to
bolster Rosenthal's case, squinched up his face at one point and ...
23 Oct 6:50 am
Below, Connor Williams, a 3L at Stanford Law School, previews Jones v. Harris Associates, one of three cases to be heard by the Supreme
Court on Monday, November 2. Check the Jones v. Harris Associates ( ... the merits; and (3) the proliferation and popularity of mutual funds
make this an important issue for consideration. In its brief in opposition, Harris Associates countered that even if the Seventh Circuit
disapproved of Gartenberg, it adopted a substantially identical standard that will lead to ...
26 Aug, 2007 5:01 pm
... miriam cooke, Diane Nelson, Eduardo Bonilla-Silva, Wahneema Lubiano, Pete Sigal, Grant Farred, Sally Deutsch, Joseph Harris, Paula McClain,
Jocelyn Olcott, Irene Silverblatt, Rebecca Stein, Maurice Wallace, Antonio Viego, and Kathy Rudy. The ... will craft future job descriptions for Duke professors; and then, for positions
assigned to their departments, select new hires.] William Chafe is Alice Mary Baldwin Professor of History, where his scholarship, as his
website states, "reflects his long-term ...
1 Nov 5:03 pm
... is holding its inaugural masters forum, coinciding with tomorrow's Supreme Court oral arguments in Jones v. Harris. The Forum will feature
commentary from several guest posters, including yours truly. The always ahead-of-schedule Larry Ribstein has ... this video of a discussion featuring John Coates of Harvard Law School
(who supports the respondents as an amicus) and William Birdthistle of Chicago-Kent Law School (who supports the petitioners). Both Coates and
Birthistle do an excellent job, I ...
31 May, 2007 10:52 pm
Daniel S. Kleinberger (William Mitchell College of Law) has posted Agents of the Good, Servants of Evil: Harry Potter and the Law of
Agency on SSRN. Here is the abstract: Agency relations are ubiquitous in the Harry Potter novels, and the study of Agency Law is almost as interesting and important as the study
of Potions. This essay considers eight topics that arise from the overlap of Harry ...
5 Sep 1:57 pm
... Easterbrook, noted previously on this blog here and here. That decision upheld the trial court's dismissal of the case against Harris
Associates, a mutual fund advisor, on the ground that as long as a mutual fund adviser does not breach the fiduciary duty owed to ... Larry Ribstein was one of the 25 signers and has
posted a link-filled note on the opposing views espoused by William Birdthistle, who leads another group of law professors who also filed an
amicus brief in the case. Birdthistle has been ...
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