FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶53

We confirmed that view nine years later in another case called Transamerica Mortgage Advisors, Inc. v. Lewis, 444 U. S. 11 (1979) (TAMA). TAMA held that Section 215 of the IAA “fairly implies a right to specific and limited relief in a federal court”—namely, a private legal action to seek rescission of an unlawful contract. Id., at 18. Declining to place “emphasis upon the desirability of implying private rights of action in order to provide remedies thought to effectuate the purposes of a given statute,” TAMA focused exclusively on “whether Congress intended to create the private remedy asserted.” Id., at 15–16 (citing, inter alia, Touche Ross & Co. v. Redington, 442 U. S. 560, 568 (1979)).

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