Saba Drops Suit as Latest ASA Gold Anti-Takeover Plan Expires

Activist investor Saba Capital Management Ltd. is voluntarily dismissing a suit it filed in April over a closed-end fund’s most recent anti-takeover plan, it told a federal court.

Saba notified Judge Edgardo Ramos of the US District Court for the Southern District of New York on Monday of its decision to drop the suit against ASA Gold & Precious Metals Ltd. ASA’s shareholder rights plan was set to expire Tuesday, counsel for the closed-end fund and two of its directors told the court in a July 18 letter.

The one-paragraph notice filed with Ramos didn’t indicate whether a settlement ...