Boaz Weinstein, the founder and chief investment officer ofSaba Capital Management, has won a lawsuit against asset manager BlackRock  over the control of a group of closed-end funds, according to a report by Observer. 

The lawsuit was filed in June, and is crucial as Weinstein employs an investment strategy known as closed-end fund arbitrage, where an investor buys shares in funds that trade for less than the underlying value of their assets, or net asset value (NAV). It simultaneously sells them at NAV for a profit. BlackRock has attempted to block this, the report noted.

“By hook or by crook, BlackRock and its trustees were determined to avoid being held accountable for the billions of dollars lost for investors,” Weinstein was quoted saying. “We are pleased to have brought this lawsuit for the benefit of all investors in closed-end funds managed by BlackRock to put an end to the practice of robbing shareholders of their right to vote all of their shares,” he added in the report.