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WASHINGTON (AP) - Several Supreme Court justices seemed unsympathetic Monday to calls for the courts to get involved in reining in what investors are calling "excessive" fees on mutual funds, a popular investment vehicle for millions of Americans.
Some of the justices suggested that a regulatory agency might be in a better position to determine if the fees are appropriate. They also said consumers always have recourse to switch to another fund if they aren't happy with the fee amounts.
"It makes a lot more sense to have the SEC (Securities and Exchange Commission) regulate rates than to have courts do it, doesn't it?" Chief Justice John Roberts said during court arguments.
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