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BlackRock and Weinstein's Saba reach settlement in battle over closed-end funds

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BlackRock and Saba Capital Management announced a standstill in a long-raging battle over the future of closed-end funds with the asset manager buying back shares in two portfolios and the hedge fund dropping demands for deep management changes.
BlackRock Inc. and Saba Capital Management, led by Boaz Weinstein, have settled their legal dispute over the control of several closed-end funds managed by BlackRock. The settlement, announced on January 21, 2025, involves six funds and includes terms that will see changes in the funds' board composition, with Saba gaining representation. This agreement ends a contentious battle that began in 2021 when Saba sought to replace BlackRock's trustees with its own nominees, arguing that the funds were underperforming and that BlackRock was not acting in the best interest of shareholders. The settlement details were not fully disclosed, but it aims to resolve ongoing litigation and provide a framework for future governance of the funds.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/blackrock-weinsteins-saba-reach-settlement-battle-over-closed-end-funds-2025-01-21/ ]