The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (the "Notice"). Because this website is just a summary, you should review the Notice for additional details. A copy of the Notice can be found in the Important Documents page at the top of this website.         

Summary of the Action and Settlement

This website relates to a stockholder class action (the "Action”) brought in the Court of Chancery of the State of Delaware (the “Court”). Plaintiff JB and Margaret Blaugrund Foundation (“Plaintiff”) alleged in the Action that (i) Defendants Guggenheim Funds Investment Advisors, LLC, Randall C. Barnes, Angela Brock-Kyle, Thomas F. Lydon, Jr., Ronald A. Nyberg, Sandra G. Sponem, Ronald E. Toupin, Jr., and Amy J. Lee (collectively, “Defendants”) were grossly negligent and/or breached their fiduciary duties by causing the Fiduciary/Claymore Energy Infrastructure Fund (“FMO”) to over-leverage its assets; (ii) Defendants had chosen the March 7, 2022 merger of FMO with Kayne Anderson Energy Infrastructure Fund ("KYN") (the “Merger”) because it allowed them to avoid personal liability that may have arisen from claims related to the tax expenses FMO had incurred; and (iii) Defendants’ choice to pursue the Merger instead of a liquidation of FMO was not in the best interest of FMO’s stockholders and was a violation of their fiduciary duties to the stockholders. The relief sought by Plaintiff included (i) damages for the monetary losses incurred by FMO and caused by the misconduct alleged in the Complaint; and (ii) the injunction of the stockholder vote on the Merger and its closing.

Plaintiff,  on behalf of itself and the other members of the Settlement Class (as defined below), and Defendants have reached a settlement of the Action for $18,800,000 in cash (the “Settlement”).  

On July 9, 2024, the Court held a hearing to consider final approval of the Settlement and related matters,  and entered an Order and Final Judgment finally approving the Settlement, approving the Plan of Allocation for the proceeds of the Settlement, and awarding attorney’s fees and litigation expenses.   

If you are a member of the Settlement Class, you are subject to the Settlement. The non-opt-out  Settlement  Class certified by the Court  consists of:

All holders of FMO common shares of beneficial interest as of the closing of the Merger, whose shares were converted into shares of KYN common stock, including their legal representatives, heirs, successors-in-interest, transferees, and assignees of all such foregoing holders.

Excluded from the Settlement Class are (i) Defendants and any other persons or entities named as defendants in this Action; (ii) any person who is, or was at the time of the Merger, a trustee, officer, director, or partner of FMO; (iii) the immediate family members of any of (i) or (ii) above; (iv) any trusts, estates, entities, or accounts that held FMO common shares for the benefit of any of (i), (ii), or (iii) above; (v) Defendants’ directors and officers and/or errors and omissions liability insurance carriers, and any parents, affiliates, or subsidiaries thereof; and (vi) the legal representatives, heirs, successors-in-interest, successors, transferees, and assigns of the foregoing. 

Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement. If you are eligible to receive a distribution from the Settlement, your distribution will be paid to you directly. See paragraphs 44-54  of the Notice for further discussion. 

Please be patient. It will take some time to complete the Settlement distribution.

How do I obtain more information?

Detailed information about the Settlement is contained in the Notice, a copy of which can be found in the menu at the top of this page. Additional information can also be obtained by contacting the Settlement Administrator by calling toll-free 1-855-208-4128, emailing info@FMOStockholdersLitigation.com, or mailing a letter to:

FMO Stockholders Litigation
c/o JND Legal Administration
P.O. Box 91400
Seattle, WA 98111

Inquiries should NOT be directed to the Court or the Clerk of the Court.