Funds File Reply Asking U.S. High Court To Rule On ICA Private Right Of Action

( January 2, 2025, 12:40 PM EST) -- WASHINGTON, DC — In a reply brief supporting their petition for a writ of certiorari, multiple closed-end funds (CEFs) ask the U.S. Supreme Court to decide whether a section of the Investment Company Act of 1940 (ICA) includes a private right of action, arguing that the circuits are split on the issue and countering a hedge fund’s argument in opposition that the high court should let the issue percolate further....

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