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Argued: April 17, 2001

Appeal from a judgment of the United States District Court for the Southern District of New York (Robert W. Sweet, Judge) granting defendants’ motion to dismiss the plaintiff’s claims alleging that the defendant directors, officers, and investment advisor of a closed-end investment fund breached their fiduciary duties at common law and in violation of the Investment Company Act of 1940, 15 U.S.C. � 80a, et seq., by causing the fund to undertake a coercive rights offering. Vacated and remanded with respect to the dismissal of the plaintiff’s class-action claims.

Plaintiff Robert Strougo appeals from a judgment of the United States District Court for the Southern District of New York (Robert W. Sweet, Judge) granting the defendants’ Fed. R. Civ. P. 12(b)(6) motion to dismiss the complaint for failure to state an actionable claim. The complaint includes, inter alia, class action claims on behalf of shareholders of an investment fund against the fund’s management. The district court dismissed these claims on the ground that redress for the injuries alleged could only be sought through derivative, and not direct, claims. *fn1 Because we conclude that the plaintiff alleged injuries that support direct claims, we vacate the judgment of the district court in part and remand for further proceedings consistent with this opinion.

 
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