U.S. Supreme 2026-06-12 04:48:39U.S. Supreme Court Rules Investment Company Act Section 47(b) Does Not Create Private Right of ActionThe U.S. Supreme Court ruled 6-3 that Section 47(b) of the Investment Company Act of 1940 does not grant investors a private right to sue for contract rescission, leaving enforcement authority to the SEC.490
US Supreme Co2026-06-12 04:48:39US Supreme Court Rules Investment Company Act Does Not Grant Private Right of ActionThe US Supreme Court ruled 6-3 that Section 47(b) of the Investment Company Act of 1940 does not create a private right of action, leaving enforcement to the SEC.510
