other material
confidence high
sentiment neutral
materiality 0.55
Eaton Vance closed-end funds exempt share purchases from Control Share By-Law after court ruling
Eaton Vance National Municipal Opportunities Trust
- Board exempts all prior and new purchases that could be Control Share Acquisitions until further notice.
- Massachusetts Superior Court ruled Control Share By-Law violates Section 18(i) of Investment Company Act.
- Court granted summary judgment for funds on Saba's breach-of-fiduciary-duty claim, finding legitimate business reason.
- Exemption applies to 22 Eaton Vance closed-end funds, including EOT, EOI, EFT, EVV, ETV, ETW, and others.
- Litigation continues; board will monitor legal developments and may take further action.