Trusts, Trustee Tell 2nd Circuit That Bylaws Do Not Violate ICA

Mealey's (June 15, 2022, 8:36 AM EDT) -- NEW YORK — A federal district court erred in denying a motion to dismiss filed by a collection of closed-end Massachusetts business trusts and their trustees in a lawsuit seeking rescission of a vote-stripping amendment enacted by the defendants, as well as declaratory judgment that the amendment violates the Investment Company Act (ICA) because investors that brought the suit lack the necessary standing to bring their claims, the trusts and trustees argue in a June 10 appellant brief filed in the Second Circuit U.S. Court of Appeals....