In Morningstar's Rekenthaler Report column, John Rekenthaler maintains that mutual fund directors are held to a lower standard of fiduciary duty than 401(k) plan sponsors are. Rekenthaler, in analyzing a recent excessive fees case, maintain that directors do not act solely on behalf of fund shareholders, but also are beholden to the advisers of the funds they oversee. Read the original story from Morningstar.