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Ken Burdon Quoted in Law360, Bloomberg Law and NLJ on U.S. Supreme Court Decision Limiting Private Claims Against Investment Funds
Registered Funds Partner Ken Burdon was quoted in articles by Law360, Bloomberg Law and National Law Journal, which discussed the recent U.S. Supreme Court decision in FS Credit Opps. Corp. v. Saba Capital Master Fund that determined private investors do not have a private right of action to bring lawsuits challenging contracts that they allege violate the Investment Company Act. Ken explained to Bloomberg Law, “This ruling confirms that private litigants cannot disrupt funds’ businesses by alleging that these contracts are unenforceable because they allegedly violate some provision of the 1940 Act.” He also noted to Law360 that the decision was “a pretty important win for the industry” and it “cuts off what could have been a very broad right of private individuals to sue to invalidate contracts that allegedly could violate any provision of the Investment Company Act.”
To read the Law360 article, please click here (subscription required).
To read the Bloomberg Law article, please click here (subscription required).
To read the National Law Journal article, please click here (subscription required).