Top of the Agenda - Legal

Mass. Superior Court favors Eaton Vance CEFs in Saba fight

By Hillary Jackson

A Massachusetts Superior Court judge this week handed a victory to Eaton Vance in a years-long legal battle with Saba Capital Management. Judge Debra Squires-Lee rejecting Saba's challenge to a by-law amendment related to trustee elections adopted by the funds that Saba said violated the Investment Company Act of 1940. ... >> CONTINUE READING <<<

Stradley bolsters IM with '40 Act vets from Proskauer

By Hillary Jackson

Stradley Ronon added "years and years" of experience and expertise to its investment management practice on Monday with the addition of three veterans of the '40 Act space, said Bruce Leto, partner and former long-term chair of the practice. Stuart Coleman, David Stephens, and William MacGregor joined as partners in ... >> CONTINUE READING <<<

CEFs v. activists: Roundup of latest developments

Activist investor activity in the closed-end funds space has been on the rise in recent years, with a significant uptick in the past several months. In an attempt to keep readers up to date on what has become a busy sector of the market, FBV will run an occasional roundup ... >> CONTINUE READING <<<

IM lawyers jump from Goodwin to Kirkland

Law firm Kirkland & Ellis has boosted its presence in the registered funds space with the hiring this week of a team of five partner-level investment management lawyers from Goodwin Proctor. The team will help expand Kirkland's ability to serve current fund clients and new clients entering the registered funds ... >> CONTINUE READING <<<

Saba suit targets ASA closed-end fund for 'poison pill' strategy

By Hillary Jackson

Saba Capital Management has filed a lawsuit against closed-end fund ASA Gold and Precious Metals Ltd. and its board of directors, a move the activist investor maintains is aimed at invalidating the fund's "discriminatory and unlawful shareholder rights plan." Saba has used the courts over the past several years to ... >> CONTINUE READING <<<

BlackRock CEFs fail to get stay of ruling in Saba case

By Hillary Jackson

Two BlackRock closed-end funds failed to obtain a stay pending appeal of a Dec. 5 ruling that they violated the Investment Company Act of 1940. Judge Jed Rakoff of the U.S. District Court for the Southern District of New York denied the funds' motion because they failed to show a ... >> CONTINUE READING <<<