Jun. 11 at 4:35 PM
$CLM "Congress, not the Judiciary, decides who may enforce federal law; when Congress creates a private right of action, it usually does so expressly," the opinion written by Justice Amy Coney Barrett said.
"In sum, nothing in the text or structure of the ICA indicates that Congress authorized private parties to enforce virtually every provision in the statute," she wrote.
The Supreme Court decision didn't help FS Credit Opportunities Fund (FSCO), which slipped 0.3% in late morning trading on Thursday. Other closed-end fund stocks were mostly higher: Pimco Corporate & Income Opportunity Fund (PTY) rose 0.1%, Pimco High Income Fund (PHK) +0.6%,
Cornerstone Strategic Investment Fund (CLM) +0.9%,
XAI Floating Rate & Alternative Income Trust (XFLT) +0.3%,
and Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) +0.5%.
