Boaz Weinstein’s hedge fund sued BlackRock Advisors, saying the asset manager has prevented outsiders from gaining board seats at several of its funds.
Weinstein’s Saba Capital Master Fund accused some BlackRock closed-end funds and their boards of unilaterally adopting corporate governance rules that favor board incumbents, according to the case filed June 4 in Delaware Chancery Court.
Saba said that the funds’ bylaws makes it easier for uncontested incumbents to win re-election, while outsider nominees in contested elections have a higher bar to clear. The suit said that the bylaws allow uncontested incumbents to win re-election with a plurality of ...
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