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News Breaks | | | | March 29, 2011 | | 18:04 EDT |  | BBF | BlackRock Florida Municipal Income Trust receives demand letter
BlackRock Advisors, announced that BlackRock Municipal Income Investment Trust received a demand letter from a law firm on behalf of common shareholders of the Fund. The demand letter is substantially similar to the demand letters received by certain other BlackRock closed-end funds and alleges that BlackRock Advisors, LLC (the Fund's investment adviser) and the Fund's officers and Board of Trustees breached their fiduciary duties related to the redemption at par of the Fund's auction market preferred shares. The Board rejected the demands contained in the previous demand letters. With respect to the demand letter received by the Fund, the Fund's independent Trustees have undertaken to review the claims with the assistance of independent counsel and to respond in due course. | |
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