It’s BlackRock vs. Boaz Weinstein at High Court: New York Brief

SCOTUS Grapples With Investor Suits

Boaz Weinstein of Saba Capital

Photographer: Jeenah Moon/Bloomberg

The Supreme Court grappled with whether to let investors use an 85-year-old law to sue funds over their management decisions in a case closely watched on Wall Street.

The justices questioned a lower court decision letting activist investors sue a group of closed-end funds affiliated with BlackRock and FS Credit Opportunities, Greg Stohr reports. The suing investors are led by hedge funder Boaz Weinstein’s Saba Capital.

The 80-minute arguments on Wednesday didn’t give a clear indication about the likely outcome, with potentially pivotal Justice Brett Kavanaugh calling the case “extremely close.”

The funds appealed ...