Section 47(b) of the Investment Company Act of 1940 provides that contracts that violate or “whose performance involves, a violation of” the act are not enforceable by “either party.” ...more
The Second Circuit has decided that Section 47(b) of the Investment Company Act of 1940 provides a private right of action for rescission of a contract that violates any provision of the 1940 Act or any rule or order...more