SABA CAPITAL MASTER FUND v. BLACKROCK MUNICIPAL

23-cv-5568 (JSR).

710 F.Supp.3d 213 (2024)

SABA CAPITAL MASTER FUND, LTD., and Saba Capital Management, L.P., Plaintiffs, v. BLACKROCK MUNICIPAL INCOME FUND, INC., et al., Defendants.

United States District Court, S.D. New York.

Signed January 4, 2024.


Attorney(s) appearing for the Case

Brandon Hallett Thomas, Jacob W. Buchdahl, Mark P. Musico, Susman Godfrey LLP, New York, NY, for Plaintiffs.

Sameer Nitanand Advani, Tariq Mundiya, Vanessa Cheryl Richardson, Willkie Farr & Gallagher LLP, New York, NY, for Defendants Municipal Income Fund, Inc., BlackRock ESG Capital Allocation Trust, BlackRock Innovation and Growth Term Trust, Robert Fairbairn, John M. Perlowski.

Alan Craig Turner, Simpson Thacher & Bartlett LLP, New York, NY, for Defendants ClearBridge Energy Midstream Opportunity Fund Inc., ClearBridge MLP and Midstream Fund Inc., Western Asset Intermediate Muni Fund Inc., ClearBridge MLP and Midstream Total Return Fund Inc.

Alex Jason Kaplan, Charlotte Kathleen Newell, Sidley Austin LLP, New York, NY, for Defendant Royce Global Value Trust, Inc.

G. Stewart Webb, John T. Prisbe, Venable LLP, Baltimore, MD, Lawrence Henry Cooke, II, Venable LLP, New York, NY, for Defendants Tortoise Midstream Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Infrastructure Corp., Ecofin Sustainable and Social Impact Term Fund.

Brian David Koosed, Stephen Gregory Topetzes, K&L Gates, Washington, DC, Kodey Matthew Haddox, K&L Gates LLP, New York, NY, for Defendants Adams Diversified Equity Fund, Inc., Adams Natural Resources Fund.

Scott D. Musoff, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY, Eben Colby, Marley Ann Brumme, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA, for Defendant FS Credit Opportunities Corp.

Steven David Feldman, Stradley Ronon Stevens & Young, LLP, New York, NY, Joseph Thomas Kelleher, Stradley, Ronon, Stevens & Young, LLP, Philadelphia, PA, Keith R. Dutill, Stradley Ronon Stevens & Young, Malvern, PA, for Defendants R. Glenn Hubbard, W. Carl Kester, Cynthia L. Egan, Frank J. Fabozzi, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Rolloman, Catherine A. Lynch.


OPINION AND ORDER

On June 29, 2023, plaintiffs Saba Capital Master Fund, Ltd. and its investment manager Saba Capital Management, L.P. (collectively, "Saba") filed this suit against 16 funds organized under Maryland law and 11 individual trustees, alleging that

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