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Thursday, March 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

Yahoo Wins One

The Ninth Circuit on Thursday affirmed dismissal of a shareholders’ derivative lawsuit against Yahoo!, for investing in the Chinese retail website Alibaba.com, because the Investment Company Act does not establish a private right of action for challenging the validity of an ICA exemption.

SAN FRANCISCO — The Ninth Circuit on affirmed dismissal Thursday of a shareholders’ derivative lawsuit against Yahoo for investing in the Chinese retail website Alibaba.com, because the Investment Company Act does not establish a private right of action for challenging the validity of an ICA exemption.

Categories / Appeals, Securities

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