However, she denied Saba's bid for a preliminary injunction preventing BlackRock from using the bylaw, which requires challengers for board seats to win the votes of a majority of shareholders. Saba had argued that BlackRock is using the bylaw to keep un-elected trustees at its ESG Capital Allocation Trust in place indefinitely, skirting a federal law requiring at least two-thirds of a fund board to be elected by shareholders. Saba acquired a stake in the $1.9 billion fund in 2022, but says the entire board was appointed by BlackRock.