Del. Justices Ax Late Votes In BlackRock Board Battle

By Jeff Montgomery (January 13, 2020, 12:03 PM EST) -- Delaware's Supreme Court on Monday reversed a Chancery Court finding that BlackRock Advisors should count votes for a hedge fund's board candidates even though it missed a deadline for candidate questionnaires, but rejected claims that Saba Capital Master Fund challenged BlackRock's nomination requirements too late.

The decision, written by Justice Karen L. Valihura and joined by Chief Justice Collins J. Seitz Jr. and Justice Gary F. Traynor, sent the case back to Vice Chancellor Morgan T. Zurn for possible further consideration, while cautioning that they were not encouraging more litigation.

Vice Chancellor Zurn on June 27 struck down BlackRock's refusal to recognize...

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