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JONES v. HARRIS ASSOCIATES

No. 08-586.

130 S.Ct. 1418 (2010)

559 U.S. 335

Jerry N. JONES, et al., Petitioners, v. HARRIS ASSOCIATES L.P.

Supreme Court of United States.

Decided March 30, 2010.

Attorney(s) appearing for the Case

David C. Frederick, Washington, D.C., for Petitioners.

Curtis E. Gannon, for United States as amicus curiae, by special leave of the Court, supporting the Petitioners.

John D. Donovan, Jr., Boston, MA, for Respondent.

Michael J. Brickman, James C. Bradley, Nina H. Fields, Richardson, Patrick, Westbrook & Brickman, LLC, Charleston, SC, Guy M. Burns, Johnson, Pope, Bokor, Ruppel, & Burns, LLP, Tampa, Florida, David C. Frederick, Brendan J. Crimmins, Daniel G. Bird, Jennifer L. Peresie, Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, D.C., Ernest A. Young, Chapel Hill, NC, John M. Greabe, Hopkinton, NH, for Petitioners.

Jeffrey A. Lamken, Baker Botts L.L.P., Washington, D.C., Aaron M. Streett, Baker Botts L.L.P., Houston, TX, John D. Donovan, Jr., Robert A. Skinner, Benjamin S. Halasz, Brian R. Blais, Ropes & Gray LLP, Boston, MA, for Respondent.

Justice ALITO delivered the opinion of the Court.

We consider in this case what a mutual fund shareholder must prove in order to show that a mutual fund investment adviser breached the "fiduciary duty with respect to the receipt of compensation for services" that is imposed by § 36(b) of the Investment Company Act of 1940, 15 U.S.C. § 80a-35(b) (hereinafter § 36(b)).

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The Investment Company Act of 1940 (Act), 54 Stat....

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