Sequoia Ruling Dodges Debate Over Fund Docs As Contracts

By Joshua Hess and Samantha Rosa ( September 27, 2019, 3:27 PM EDT) -- The U.S. Court of Appeals for the Second Circuit in Edwards v. Sequoia Fund Inc.[1] affirmed the dismissal of a claim alleging a mutual fund breached a contract — its statement of additional information, or SAI, which forms part of its registration statement — when the fund allegedly violated its industry concentration limit....

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