First Trust Rescinds Control Share Bylaws After Lawsuit (BusinessWire)

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On June 23, 2023—roughly a month following a lawsuit challenging the legality of “control share” bylaws utilized by the First Trust closed-end funds—the board of trustees of the funds announced that they have “determined to rescind the control share provisions of each of the [funds’] by-laws.” The lawsuit is pending in the U.S. District Court for the District of Massachusetts and was filed by Bulldog Investors LLP, and two investment funds, which are represented by Morris Kandinov LLP.

By MoKa

For more information, contact Aaron Morris.