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B. G., Opalesque Geneva: The Templeton Global Income Fund has withdrawn litigation that delayed the election of four Saba-nominated trustees to the Fund's Board of Trustees.
The Fund's decision to abandon its litigation comes after the U.S. District Court for the Southern District of New York denied the Fund's motion for a preliminary injunction to invalidate the election of Saba's nominees to the Board.
The candidates of Saba Capital Management, L.P., a significant shareholder in the Fund, will now be able to take their seats on the Board.
Saba is a global alternative asset management firm founded in 2009 by Boaz Weinstein, headquartered in New York City.
"Franklin Templeton's abandoned litigation is a black eye for one of the world's largest asset managers. It comes as no surprise that Franklin Templeton has thrown in the towel after wasting more than seven months and millions of dollars on its attempt to deny the seating of duly elected Board members, while GIM shareholders continued to suffer from years of poor performance," said Boaz Weinstein.
Saba was particularly surprised that Franklin Templeton chose to continue this litigation after it became public that it set the record date for the shareholder vote only after securing a secret agreement with First Trust Portfolios, the Fund's second-largest investor, he recalled. "It's shocking that Franklin Templeton backdated critical information in its proxy and filed...................... To view our full article Click here
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