High Court Sets Date For Oral Arguments Over ICA Private Right of Action

( November 7, 2025, 8:17 AM EST) -- WASHINGTON, D.C. — The U.S. Supreme Court has set the date for oral arguments in a case between closed-end funds (CEFs) and a hedge fund, asking it to determine whether the CEFs violated the Investment Company Act of 1940 (ICA) and whether Congress intended there to be a private right of action in Section 47(b) of the ICA....