Top of the Agenda - Legal

Vanguard close to $25M settlement in class-action suit
By Hillary Jackson
A federal judge has given preliminary approval to a plan for Vanguard Group to pay $25 million to settle a class-action suit related to misleading statements about its target-date funds. Vanguard and its fund board have faced years of legal and regulatory challenges resulting from the adviser's decision in late ...  >> CONTINUE READING <<<

 

 

MFDF, ICI push Supreme Court to nix private right of action ruling
By Hillary Jackson
The Investment Company Institute and MFDF this week urged the U.S. Supreme Court to rule against allowing private parties to bring claims that fund contracts violate the Investment Company Act of 1940. Such claims have been used—successfully—by activist investors in recent years to challenge closed-end funds' defensive measures. The Court agreed ...  >> CONTINUE READING <<<

 

 

Supreme Court to review legality of activist suits
By Hillary Jackson
The U.S. Supreme Court on Monday agreed to consider whether private parties should be allowed to bring claims that fund contracts violate the Investment Company Act of 1940. Such claims have been used by activist investors in recent years to challenge closed-end funds' defensive measures, and the Court will review ...  >> CONTINUE READING <<<

 

 

Mass. Superior Court favors Eaton Vance CEFs in Saba fight
By Hillary Jackson
A Massachusetts Superior Court judge this week handed a victory to Eaton Vance in a years-long legal battle with Saba Capital Management. Judge Debra Squires-Lee rejecting Saba's challenge to a by-law amendment related to trustee elections adopted by the funds that Saba said violated the Investment Company Act of 1940. ...  >> CONTINUE READING <<<

 

 


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