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Shareholders Private Right of Action Appeals

Patterson Belknap Webb & Tyler LLP

Justices to Consider Whether Section 47(b) of the Investment Company Act Creates a Federal Cause of Action

In its October 2025 Term, the Supreme Court will decide whether Section 47(b) of the Investment Company Act of 1940 (“ICA”) creates a federal cause of action for private plaintiffs seeking rescission of contracts that are...more

Herbert Smith Freehills Kramer

US Supreme Court Grants Certiorari to Decide Whether Section 47(b) of the Investment Company Act Allows for a Private Right of...

On June 30, 2025, the Supreme Court granted certiorari in FS Credit Opportunities Corp., et al. v. Saba Capital Master Fund, Ltd., et al., 24-345 to resolve a circuit split over whether Section 47(b) of the Investment Company...more

Ropes & Gray LLP

Supreme Court to Consider Closing a Back Door to Fund Litigation Claims Under the Investment Company Act

Ropes & Gray LLP on

On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more

Proskauer - Corporate Defense and Disputes

En Banc Ninth Circuit Upholds Delaware-Forum Bylaw That Prevents Assertion of Federal Proxy Claim in Derivative Action

The en banc Court of Appeals for the Ninth Circuit affirmed the dismissal of a shareholder derivative action in light of an exclusive-forum bylaw requiring assertion of derivative claims in the Delaware Court of Chancery,...more

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