U.S. District Court for the Southern District of New York Denies BlackRock’s Motion to Dismiss Saba Capital’s Entrenchment Bylaw Lawsuit
BlackRock ESG Capital Allocation Trust (ECAT)
Company Research
Source: Business Wire
Court Concludes BlackRock’s View That ECAT Can Continually Have Failed Elections Is “Simply Not Plausible”Court Concludes Saba Has Sufficiently Alleged That There Is a Point Where ECAT’s Voting Bylaws “Operate to Deprive Shareholders of Their Right to Select the Trustees of The Fund” NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today commented on a ruling in the lawsuit it brought in the United States District Court for the Southern District of New York (the “Court”) against the BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) (“ECAT”), and all 10 incumbent trustees to hold them accountable for adopting an illegal “Entrenchment Bylaw” that deprives shareholders of their right to elect directors annually. These directors were previously found to have violated the Investment Company Act (“ICA”) by enacting a separate bylaw targeted at entrenching themselves to protect BlackRock from being held accountable b
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ECAT
News
- Saba Capital Corrects BlackRock’s Intentionally False and Misleading 2024 Annual Meeting ResultsBusiness Wire
- U.S. Court of Appeals for the Second Circuit Reaffirms Ruling That Certain Closed-End Funds, Including Funds Advised by BlackRock, Violated the Investment Company Act of 1940Business Wire
- Saba Loses Bid to Block BlackRock Voter Bylaw in Fund Fight [BNN Bloomberg (Canada)]BNN Bloomberg
- Saba Capital Releases Presentation Detailing Plan to Deliver Enhanced Shareholder Value at 10 BlackRock Closed-End FundsBusiness Wire
- BlackRock Announces Increased Distribution Rates for Certain Closed-End FundsBusiness Wire
ECAT
Sec Filings
- 6/26/24 - Form DFAN14A
- 6/26/24 - Form DFAN14A
- 6/25/24 - Form DFAN14A
- ECAT's page on the SEC website