Funds Argue Congress Intended No Private Right Of Action In ICA Provision

( August 29, 2025, 12:07 PM EDT) -- WASHINGTON, D.C. — In their petitioner brief in the U.S. Supreme Court, closed-end funds (CEFs) argued that the court should find “Congress didn’t create an implied private right of action in Section 47(b) of the [Investment Company Act of 1940 (ICA)]” and reverse the Second Circuit U.S. Court of Appeals’ decision finding the funds violated the ICA....

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