FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶13

In June 2023, Saba sued the Funds over those resolutions. Saba alleged that they violate the ICA’s requirement that “every share of stock . . . shall be a voting stock and have equal voting rights with every other outstanding stock.” 15 U. S. C. §80a–18(i). For a right of action, Saba invoked Section 47(b) of the ICA. That section provides that “a court may not deny rescission” of contracts that violate the ICA “at the instance of any party” unless the court finds that doing so would be consistent with equity and the ICA’s goals. §80a–46(b)(2).

slip opinion
Source edition
Passage preview. Read in context for the complete text, notes and references.