High Court Allows United States To Join In ICA Private Right Of Action Arguments

( November 11, 2025, 1:32 PM EST) -- WASHINGTON, D.C. — The U.S. Supreme Court on Nov. 10 granted the solicitor general’s motion to participate in oral arguments as amicus curiae and for divided argument 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....