secwatch.observer — SEC 8-K summary
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Issuer:     Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY)
CIK:        0001340736
Form:       8-K
Filed at:   2023-02-01T23:59:59+00:00
Accession:  0000940394-23-000245
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ETY Board exempts control share acquisitions after court ruling invalidates bylaw
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1340736/000094039423000245/0000940394-23-000245-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1340736/000094039423000245/ety8k.htm
  HTML page:      https://secwatch.observer/filing/0000940394-23-000245

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