Professor of Law
University of Pennsylvania
• Researches and teaches securities regulation and corporate law.
“The Supreme Court’s decision in Jones v. Harris is a wake-up call to regulators. The Court explicitly recognizes that traditional market forces may not operate effectively in the mutual fund market. To address the possibility of market failure, the Investment Company Act, according to the Court, adopts a dual system of director oversight and private litigation. As the cases preceding Jones v. Harris illustrate, both mechanisms are flawed and difficult to apply.”