Weinstein’s Saba Sues BlackRock Fund Over ‘Entrenchment Bylaw’

Saba Capital Management filed a lawsuit against the BlackRock ESG Capital Allocation Term Trust (ticker ECAT), a closed-end fund, for adopting an “entrenchment bylaw” that it says “deprives shareholders of their right to elect directors annually.”

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• “BlackRock holds itself up as a leader in corporate governance despite the fact that many of its funds, including the CEFs, entrench compromised trustees, hinder shareholders’ rights and put up roadblocks when attempts are made to narrow persistent discounts to net asset value,” Saba founder Boaz Weinstein says in a press release ...