New York hedge fund Saba Capital Management is embroiled in separate fights with two large Wall Street asset managers and a well-known law firm over the obscure mechanics of closed-end fund boards.
In one dispute, Boaz Weinstein’s Saba Capital sued BlackRock, arguing that the world’s largest asset manager tried to block outsiders from gaining board seats at three of its funds and effecting change. The Delaware Chancery Court ruled in Saba’s favour in June on two of the funds. A Maryland court ruled in favour of BlackRock on a third fund, a BlackRock spokesman said. The two firms have ongoing litigation.