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News February 7, 2005 Issue

No 36(a) Private Right of Action, Says New York Court

Score one for the funds!

In a January 21 opinion, the Eastern District of New York concluded that there is a "strong presumption that Congress did not intend to create a private right of action for enforcement of ICA Section 36(a)." The court granted defendantís motion to dismiss.

The opinion in the case, Chamberlain v. Aberdeen Asset Management Ltd., is available here.