Judge Tosses Gabelli Fund's Pyramiding Suit

Law360, New York (April 5, 2010, 2:03 PM EDT) -- A judge has thrown out a lawsuit by Gabelli Global Multimedia Trust Inc., a closed-end fund, that alleged investment entity Western Investments LLC illegally acquired voting stock in the fund in order to commence a proxy contest at an upcoming shareholders’ meeting.

Gabelli lacked standing to assert a private cause of action under the anti-pyramiding provision of the Investment Company Act because the law was meant to protect individuals, not investment companies, according to Judge Richard D. Bennett's memorandum opinion, issued Thursday in the U.S. District...
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