# Oral Argument Re-Listen: FS Credit v. Saba | Fund Wins Fiduciary Fairness Fight

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Text version: https://stenobird.com/podcast/the-high-court-report-7304353/oral-argument-re-listen-fs-credit-v-saba-fund-wins-fiduciary-fairness-fight.md
Podcast: [The High Court Report](https://stenobird.com/podcast/the-high-court-report-7304353)
Published: 2026-06-16T09:00:00+00:00
Episode link: https://thehighcourtreport.com//oral-argument-re-listen-fs-credit-v-saba-fund-wins-fiduciary-fairness-fight
Audio file: https://episodes.captivate.fm/episode/fa0fec26-4840-4ecf-bcbb-1846daa54960.mp3
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Duration seconds: 4819

## Resource

FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. | Case No. 24-345 | Docket: Here | Argued: 12/10/2025 | Decided: 06/11/2026 Overview: The Investment Company Act case addresses whether Section 47(b) grants private parties the right to sue for contract rescission, testing the limits of implied private rights of action against a comprehensive SEC enforcement scheme. Oral Advocates: For Petitioner (FS Credit) and Respondents (BlackRock): Shay Dvoretzky, Washington, D.C. For United States as Amicus Curiae in Support of FS Credit and BlackRock: Max E. Schulman, Assistant to the Solicitor General, Department of Justice For Respondent (Saba): Paul D. Clement, Alexandria, VA Question Presented: Whether Section 47(b) of the Investment Company Act impliedly empowers private parties to sue for contract rescission. Posture: District Court granted Saba summary judgment; Second Circuit summarily affirmed; Supreme Court reversed. Main Arguments: Petitioner (the Funds): (1) Section 47(b) directs courts on remedy application, not individuals on rights to sue — it lacks rights-creating language aimed at a particular class under Sandoval ; (2) The ICA's comprehensive SEC enforcement scheme and two express private rights of action elsewhere in the statute foreclose implied private enforcement; (3) Congress's 1980 deletion of "shall be void" — the precise textual basis TAMA relied on — signals changed meaning and eliminates the implied right. Respondent (Saba): (1) Congress inserted "rescission" and "any party" into Section 47(b) in 1980, language presupposing an affirmative private right for both contract parties; (2) TAMA 's unanimous rescission holding survives the 1980 amendments, which refined rather than eliminated the private right; (3) House and Senate Committee Repo…

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