Top of the Agenda - Legal

Saba v ASA court ruling: Poison pills legal, but extending them violates '40 Act

In what could be considered a victory for closed-end funds, a New York court has ruled that shareholder rights plans, or poison pills, are legal under the Investment Company Act of 1940. However, the court granted summary judgment to Saba Capital Management on its claim for rescission of ASA Gold ... >> CONTINUE READING <<<

Vanguard-SEC deal first step in ending target-date fund woes

Vanguard Group will pay more than $100 million to settle charges with the Securities and Exchange Commission related to misleading statements about its target-date funds. The settlement is a first step toward resolving years-long regulatory and legal troubles for the adviser and its fund board stemming from a decision in ... >> 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 <<<

Stradley bolsters IM with '40 Act vets from Proskauer

By Hillary Jackson

Stradley Ronon added "years and years" of experience and expertise to its investment management practice on Monday with the addition of three veterans of the '40 Act space, said Bruce Leto, partner and former long-term chair of the practice. Stuart Coleman, David Stephens, and William MacGregor joined as partners in ... >> CONTINUE READING <<<

CEFs v. activists: Roundup of latest developments

Activist investor activity in the closed-end funds space has been on the rise in recent years, with a significant uptick in the past several months. In an attempt to keep readers up to date on what has become a busy sector of the market, FBV will run an occasional roundup ... >> CONTINUE READING <<<

IM lawyers jump from Goodwin to Kirkland

Law firm Kirkland & Ellis has boosted its presence in the registered funds space with the hiring this week of a team of five partner-level investment management lawyers from Goodwin Proctor. The team will help expand Kirkland's ability to serve current fund clients and new clients entering the registered funds ... >> CONTINUE READING <<<