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US - Court Upholds Legality Of Poison Pills For Closed-End Funds But Limits Successive Plans. - Conventus Law

Summary by Conventus Law
On March 28, 2025, the U.S. District Court for the Southern District of New York (SDNY) held that it was legal under the Investment Company Act of 1940 (1940 Act) for a closed-end fund to use a shareholder rights plan (colloquially known as a “poison pill”) to fend off a hedge fund seeking to take control of the fund. However, the court disapproved of the use of successive plans if substantively the same, for the same purpose and adopted while a…
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US - Court Upholds Legality Of Poison Pills For Closed-End Funds But Limits Successive Plans. - Conventus Law

On March 28, 2025, the U.S. District Court for the Southern District of New York (SDNY) held that it was legal under the Investment Company Act of 1940 (1940 Act) for a closed-end fund to use a shareholder rights plan (colloquially known as a “poison pill”) to fend off a hedge fund seeking to take control of the fund. However, the court disapproved of the use of successive plans if substantively the same, for the same purpose and adopted while a…

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Conventus Law broke the news in on Friday, April 4, 2025.
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