(May 8, 2023, 2:04 PM EDT) -- SYRACUSE, N.Y. — In what it is calling “the first-ever case enforcing the Liquidity Rule,” the Securities and Exchange Commission on May 5 sued a mutual fund’s adviser, two officers of both the adviser and the fund it managed and the fund’s two independent trustees in New York federal court, alleging that the defendants aided and abetted the fund in violating the Liquidity Rule by failing to classify the fund’s investment in a medical device company as an “illiquid investment.”...