Congress’ Intent In ICA Private Right Of Action Case Debated Before High Court

( December 11, 2025, 10:20 AM EST) -- WASHINGTON, D.C. — The U.S. Supreme Court on Dec. 10 heard oral arguments in a case between closed-end funds (CEFs) and a hedge fund, with the CEFs 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....