Guggenheim Has $19 Million Deal Ending Lawsuit Over Energy Fund

Guggenheim Funds Investment Advisors LLC and former trustees of a closed-end fund it managed, the Fiduciary/Claymore Energy Infrastructure Fund, agreed to an $18.8 million deal ending shareholder litigation over the fund’s sale.

The accord, disclosed in court filings Monday, would resolve claims that Guggenheim and the ex-trustees arranged the all-stock transaction with a Kayne Anderson Capital Advisors LP affiliate in an effort to dodge allegations that they ran the fund into the ground. The transaction closed in March 2022.

Because the case is a proposed class action, the settlement—to be paid by insurers—requires the approval of Vice Chancellor Nathan A. ...