---
schema_version: "secwatch.filing_event.v1"
accession: "0000940394-23-000245"
form_type: "8-K"
ticker: "ETY"
cik: "0001340736"
company_name: "Eaton Vance Tax-Managed Diversified Equity Income Fund"
filed_at: "2023-02-01T23:59:59+00:00"
generated_at: "2026-06-20T03:34:29.230391+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# ETY Board exempts control share acquisitions after court ruling invalidates bylaw

## Summary
- Massachusetts Superior Court ruled Jan 23, 2023 that the Control Share By-Law violates Section 18(i) of the Investment Company Act, granting partial summary judgment to Saba Capital.
- Board voted Jan 26, 2023 to exempt all prior and new purchases from the bylaw on a going-forward basis.
- Court denied Saba's claim that the Board breached fiduciary duty; litigation is ongoing with possible appeal after remaining issues are litigated.
- The bylaw was originally adopted in August 2020 to protect retail shareholders from activist hedge funds like Saba.

## SEC filing metadata
- accession: 0000940394-23-000245
- form_type: 8-K
- ticker: ETY
- cik: 0001340736
- company_name: Eaton Vance Tax-Managed Diversified Equity Income Fund
- filed_at: 2023-02-01T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1340736/000094039423000245/0000940394-23-000245-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1340736/000094039423000245/ety8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000940394-23-000245
- JSON: https://secwatch.observer/filing/0000940394-23-000245.json
- Plain text: https://secwatch.observer/filing/0000940394-23-000245.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.