United States Urges High Court To Find No Private Right Of Action In ICA Provision

( September 5, 2025, 10:15 AM EDT) -- WASHINGTON, D.C. — The United States and four other entities filed amicus curiae briefs in the U.S. Supreme Court, agreeing with closed-end funds (CEFs) that the court should find that Congress did not intend there to be a 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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