Two-Faced Mutual Funds Get Supreme Court Break: Susan Antilla
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June 24 (Bloomberg) -- The hundreds of thousands ofAmericans who own shares in publicly traded mutual-fundcompanies -- not to mention fans of corporate accountability --should be feeling a little unsettled by a recent U.S. SupremeCourt ruling.
Janus Capital Management LLC, a mutual-fund adviser, wassued for fraud in 2003 by shareholders who said Janus and itspublicly traded parent company, Janus Capital Group Inc., hadlied in mutual-fund prospectuses, and that those lies had costthem a lot of money. On June 13, the Supreme Court threw outtheir case.