UPDATE 1-U.S. judge rules for Saba Capital in closed-end fund voting litigation

By Reuters

A U.S. federal judge ruled that Nuveen and trustees of its closed-end funds violated the Investment Company Act by stripping hedge fund Saba Capital of its full voting rights at an annual meeting. Saba filed litigation against Nuveen funds and their trustees in early 2021, arguing the asset management company illegally amended fund bylaws to prevent large shareholders from voting all of their shares. The changes resulted in shareholders only being able to vote the first 10% of their stake unless they received approval to vote the rest.

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Via:: Sports Headlines


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