FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶44

My views about the proper use of legislative history in statutory interpretation fall someplace in between the majority’s and the principal dissent’s. The one-sentence version is: Reliance on legislative history may be appropriate when statutory text in context remains, after careful review, stubbornly ambiguous. I do not find Section 47(b) to exhibit such a lack of clarity. For the reasons JUSTICE JACKSON gives in Parts I and II of her dissenting opinion, the text, structure, and statutory history of Section 47(b) support recognition of a private right of action. I therefore gladly join those parts of JUSTICE JACKSON’s dissent, while abstaining from the opinions’ further debate about the meaning of the House and Senate Reports.

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