The Court of Appeals has confirmed that the use of a control share bylaw by a Massachusetts trust violates the Investment Company Act of 1940.

After being sued, the board of trustees of the First Trust closed-end funds announced that they have “determined to rescind the control share provisions.”

The Delaware Chancery Court rejected an interlocutory appeal of the Court’s prior ruling denying defendants’ motion to dismiss, permitting discovery to proceed in the case.

The court denies defendants’ motion to dismiss claims arising from a closed-end fund’s collapse and subsequent unfair merger.

Special Opportunities Fund, Inc. has announced a standstill with Delaware Enhanced Global Dividend and Income Fund, which will provide, among other things, a tender offer to purchase up to 30% of common shares contingent on approval of a proposed reorganization.

Morris Kandinov LLP is representing Bulldog Investors in connection with an amicus curiae brief in a case involving the voting rights of investors in closed-end funds.

The board and investment manager for two related energy investment funds are responsible for causing and subsequently covering up $1 billion in losses.

Morris Kandinov LLP has filed a complaint on behalf of investors in the Tortoise Energy Infrastructure Corp. and the Tortoise Midstream Energy Fund, Inc., which incurred over $1 billion in losses during their liquidity crisis and collapse in early 2020.

The fund industry recently lost its second case on the use of control share bylaws, which seek to limit the ability of large shareholders to vote their shares after their holdings exceed a defined threshold.

Morris Kandinov LLP represents investors in the Fiduciary/Claymore Energy Infrastructure Fund (FMO) in connection with the fund’s losses during an early 2020 liquidity crisis and a subsequent proposal to merge with the Kayne Anderson Energy Infrastructure Fund Inc (KYN).