U.S. Court of Appeals Reaffirms Ruling That Certain BlackRock Advised Closed-End Funds Violated Investment Company Act of 1940
Portfolio Pulse from Benzinga Newsdesk
The U.S. Court of Appeals has reaffirmed a ruling that certain BlackRock advised closed-end funds violated the Investment Company Act of 1940.
June 26, 2024 | 5:31 pm
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The U.S. Court of Appeals reaffirmed that certain BlackRock advised closed-end funds violated the Investment Company Act of 1940, which could lead to regulatory scrutiny and potential financial penalties for BlackRock.
The reaffirmation of the ruling indicates ongoing legal and regulatory challenges for BlackRock, which could result in financial penalties and increased scrutiny. This is likely to negatively impact investor sentiment and the stock price in the short term.
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