Insights From the Winning Team: A Debrief on the FS Credit Opportunities Corp. Supreme Court Ruling and Its Implications
On June 11, 2026, the US Supreme Court held that Section 47(b) of the Investment Company Act (ICA) does not create a private right of action for shareholders to sue ICA registered funds for recission.
The ruling in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. is a significant victory for the registered fund industry. It reverses the US Court of Appeals for the Second Circuit decision in the case, in which Saba claimed that FS and other closed-end funds’ governance structures violated the ICA and sought to rescind the funds’ governing bylaws.
Join ICI and the team of legal experts from Skadden who led the briefing and argued the case for a 1-hour webinar on Wednesday, July 15, at 11:30 a.m. ET. The webinar will examine the Court's decision and discuss its implications for registered funds.
Speakers
This webinar is open to ICI members, associate members, and independent directors.
We encourage you to register even if you cannot attend on July 15—all registrants will receive the webinar recording and materials afterwards.