Hedge Fund Argues High Court Should Find Private Right Of Action In ICA Section

( October 14, 2025, 10:42 AM EDT) -- WASHINGTON, D.C. — A hedge fund is urging the U.S. Supreme Court to affirm a Second Circuit U.S. Court of Appeals decision finding that closed-end funds (CEFs) violated the Investment Company Act of 1940 (ICA) and the appellate court’s finding that Congress intended there to be a private right of action in Section 47(b) of the ICA....