Court rules in favor of Saba Capital in shareholder voting rights lawsuit

The U.S. District Court for the Southern District of New York ruled in favor of Saba Capital Management LP in a lawsuit filed by the company against certain closed-end funds advised by Nuveen Fund Advisors LLC and Nuveen Asset Management LLC, as well as certain fund trustees.

Saba Capital sued the parties Jan. 14, 2021, claiming they stripped voting rights from shareholders of their closed-end fund. The trustees involved are Jack Evans, William Hunter, Albin Moschner, John Nelson, Judith Stockdale, Carole Stone, Matthew Thornton III, Terence Toth, Margaret Wolff and Robert Young.

The court issued the summary judgment Feb. 17.