Prior to the 2010 Jones v. Harris Supreme Court decision and subsequent cases, the seminal case on excessive fund management fees was the Gartenberg suit.
In Gartenberg v. Merrill Lynch Asset Management, a Second Circuit judge held that, to be guilty of a violation of excessive fees, "the adviser-manager must charge a fee that is so disproportionally large that it bears no reasonable relationship to the services rendered, and could not have been the product of arm's length bargaining."
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