United States Ninth Circuit
UFCW Local 1500 Pension Fund v. Mayer, 17-15435
Affirmed the dismissal of an investor suit against Yahoo brought by a union pension fund seeking to prevent Yahoo from selling any of its material assets and to require it to rescind top officials' employment contracts, among other relief. The suit relied on the allegation that Yahoo had violated the conditions of its Investment Company Act (ICA) exemption by investing in a Chinese retail website. In affirming the dismissal, the Ninth Circuit found that the district court properly dismissed the suit because there is no private right of action to challenge the continued validity of an ICA exemption.
Appellate Information
- Published 2018/07/12
Judges
- Owens
Court
- United States Ninth Circuit