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).

A shareholder of the Fiduciary/Claymore Energy Infrastructure Fund (FMO), a closed-end energy fund, has filed an action against the fund’s investment adviser, subadviser, and board of trustees in connection with the fund’s liquidity crisis in 2020 and subsequently announced merger with another closed-end fund.

Morris Kandinov LLP has filed a derivative suit on behalf of shareholders of the Fiduciary/Claymore Energy Infrastructure Fund (FMO) against the fund’s board of trustees and investment advisers. The case arises from the fund’s collapse after a liquidity crisis in early 2020 and the fund’s unexpected tax expenses disclosed thereafter.

A Massachusetts Superior Court decision in March 2021 reaffirms the significant contractual, state law, and federal law protections over fund shareholder voting rights.

The U.S. Court of Appeals for the 2nd Circuit, in Oxford University Bank v. Lansuppe Feeder LLC, held that Section 47(b) of the Investment Company Act of 1940 creates a private right of action to seek rescission of an unlawful contract.