The Supreme Court is considering a case (reviewing an Easterbrook Seventh Circuit decision) on the extent to which second-guessing by courts (as opposed to, say, market competition) is an appropriate way to regulate investment advisor fees. Prof. Bainbridge quotes/summarizes what SEC commissioner Troy Paredes has to say about the issues. More from Bainbridge here and here and from Larry Ribstein here and (as earlier noted) here.
Jones v. Harris Associates L.P.: mutual fund advisory fees
Center for Legal Policy at the