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Supreme Court Shields Investment Funds From Shareholder Suits [View all]
The US Supreme Court shielded funds from some investor lawsuits, ruling that a decades-old federal statute doesn’t authorize shareholders to sue over bylaws and management decisions.
Voting 6-3, the justices blocked activist investors from suing 11 closed-end funds, including some affiliated with FS Credit Opportunities Corp. and BlackRock Inc. The suing investors, led by hedge fund manager Boaz Weinstein’s Saba Capital Master Fund, were seeking more control over the funds.
Voting 6-3, the justices blocked activist investors from suing 11 closed-end funds, including some affiliated with FS Credit Opportunities Corp. and BlackRock Inc. The suing investors, led by hedge fund manager Boaz Weinstein’s Saba Capital Master Fund, were seeking more control over the funds.
https://news.bloomberglaw.com/us-law-week/supreme-court-shields-investment-funds-from-shareholder-suits
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