Goodwin’s Investment Management Litigation team secured a trial victory representing the Independent Trustees of the Eaton Vance Funds Board in litigation with Saba Capital Master Fund concerning the voting standard in the funds’ by-laws governing trustee elections. Saba challenged the by-laws, which set a voting standard requiring the support of a majority of a fund’s outstanding shares to elect a trustee in a contested election.
Following a September bench trial, the court found the majority standard was consistent with shareholder voting rights under the funds’ governing documents and federal law.
The Goodwin team was led by Mike Isenman, Jennifer Burns Luz, and John Barker and included Melissa Brumer and Casey Wright. The funds were represented by Ropes & Gray and the non-independent trustee was represented by Skadden.
For additional details on the matter, please read Eaton Vance’s press release.