A lawsuit filed April 2 in a Delaware state court could decide if a closed-end fund's board of directors acted properly in setting strict guidelines as to who qualifies for nomination as a fund board director, or if the guidelines were established to thwart shareholder activism and impede investors' rights.

On April 2, Kimberly Kahn, a shareholder of The Swiss Helvetia Fund, a closed-end fund with $415 million under management, filed what could become a class-action lawsuit against the fund, Hottinger Capital Corp., of New York, the fund's adviser, its executives and its five independent directors. Hottinger Capital is an affiliate of Hottinger & Cie of Zurich, Switzerland.

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