Eleven closed-end funds under the umbrella of BlackRock Inc., Tortoise Capital Advisors LLC, and other firms can’t keep resolutions they adopted to limit the power of investors who buy into them, a federal court ruled in a win for Saba Capital Management LP.
Judge Jed Rakoff‘s decision Thursday will be appealed to the US Court of Appeals for the Second Circuit, one of the funds said in a filing the same day. The appeals court’s recent ruling for Saba in a similar case controls the result here, Rakoff said for the US District Court for the Southern District of ...
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