News & Analysis as of

Board of Directors Investment Company Act of 1940 Securities Litigation

Goodwin

Supreme Court to Resolve Circuit Split Over Existence of Implied Private Right of Action Under Section 47(b) of the Investment...

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On June 30, 2025, the Supreme Court granted certiorari in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd., agreeing to resolve a circuit split over whether private parties have an implied right of action to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Court Upholds Legality of Poison Pills for Closed-End Funds but Limits Successive Plans

On March 28, 2025, the U.S. District Court for the Southern District of New York (SDNY) held that it was legal under the Investment Company Act of 1940 (1940 Act) for a closed-end fund to use a shareholder rights plan...more

Goodwin

Northern District of California Dismisses Shareholder Derivative Suit Concerning Lack of Diversity

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Northern District of California Dismisses Shareholder Derivative Suit Concerning Lack of Diversity; Delaware Court of Chancery Dismisses Stockholder Suit Against Medical Device Company for Failure to Plead Demand Futility;...more

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