American investors pay $100 billion every year in mutual fund fees.  These fees are deducted from their savings and reduce future investment returns. Over 20 years, the compounded drag on investment returns is well into the trillions, which begs the question: Is even one dollar of these fees “excessive”under the fiduciary standards of the Investment Company Act.

The answer from mutual fund boards and federal district courts has been a resounding “no.”  Each of the billions of dollars in annual fees was approved by independent boards of directors, and each instance in which investors have...

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