SCOTUS Delivers Win for Investment Funds, Rejects Activist Lawsuits Under Securities Law

The U.S. Supreme Court delivered a significant win for the investment industry and a blow to activist hedge funds this week.

The nation’s highest court ruled 6-3 that Section 47(b) of the Investment Company Act of 1940 does not create an implied private right of action allowing shareholders to sue for rescission of contracts allegedly violating the continue reading …