U.S. Court of Appeals for the Second Circuit Reaffirms Ruling That Certain Closed-End Funds, Including Funds Advised by BlackRock, Violated the Investment Company Act of 1940
2024年6月27日 - 2:30AM
ビジネスワイヤ(英語)
Appellate Court Upholds Saba’s Victory Over 11
Closed-End Funds That Broke Federal Law
BlackRock, Royce Investment Partners, Tortoise
Capital Advisors, Adams Funds and FS Investments Illegally Adopted
Control Share Provisions at Their Closed-End Funds
Saba Capital Management, L.P. (together with certain of its
affiliates, “Saba” or “we”) today commented on the outcome of the
appeal brought in the United States Court of Appeals for the Second
Circuit (the “Appellate Court”) by the BlackRock ESG Capital
Allocation Term Trust (NYSE: ECAT), BlackRock Municipal Income Fund
(NYSE: MUI), Royce Global Value Trust (NYSE: RGT), Tortoise
Midstream Energy Fund (NYSE: NTG), Tortoise Energy Independence
Fund (NYSE: NDP), Tortoise Pipeline & Energy Fund (NYSE: TTP),
Tortoise Energy Infrastructure Corp. (NYSE: TYG), Ecofin
Sustainable and Social Impact Term Fund (NYSE: TEAF), Adams
Diversified Equity Fund (NYSE: ADX), Adams Natural Resources Fund
(NYSE: PEO) and FS Credit Opportunities Corp. (NYSE: FSCO)
(collectively, the “Funds”). Royce Global Value Trust is managed by
Royce Investment Partners, an affiliate of Franklin Templeton.
The Appellate Court agreed with
the December 2023 ruling from the U.S. District Court for the Southern District of
New York that the Funds adopted control share provisions in
violation of the Investment Company Act.
Michael D’Angelo, Partner and General Counsel of Saba, said:
“In concluding that BlackRock and other entrenched managers were
found to have violated federal law, today’s ruling will finally put
an end to these Funds’ practice of illegally stripping
shareholders’ right to vote all of their shares in an election.
This decisive victory will uphold the Investment Company Act and
protect closed-end fund shareholders everywhere, who have suffered
billions of dollars in losses. We are pleased to have fought and
won this lawsuit on behalf of all our fellow shareholders across
these 11 Funds.”
Saba has previously brought and won similar lawsuits against
Eaton Vance and Nuveen regarding illegal vote stripping in recent
years.
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset
management firm that seeks to deliver superior risk-adjusted
returns for a diverse group of clients. Founded in 2009 by Boaz
Weinstein, Saba is a pioneer of credit relative value strategies
and capital structure arbitrage. Saba is headquartered in New York
City. Learn more at www.sabacapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240626417182/en/
Longacre Square Partners Charlotte Kiaie / Kate Sylvester,
646-386-0091 ckiaie@longacresquare.com /
ksylvester@longacresquare.com
BlackRock ESG Capital Al... (NYSE:ECAT)
過去 株価チャート
から 8 2024 まで 9 2024
BlackRock ESG Capital Al... (NYSE:ECAT)
過去 株価チャート
から 9 2023 まで 9 2024