{"id":5075,"date":"2010-09-03T00:00:00","date_gmt":"2010-09-03T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2010\/09\/eaton_vance_and_closedend_trus_1"},"modified":"2022-04-03T16:21:49","modified_gmt":"2022-04-03T21:21:49","slug":"eaton-vance-and-closedend-trus-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/eaton-vance-and-closedend-trus-1\/","title":{"rendered":"Eaton Vance and Closed-End Trusts Sued for Breach of Fiduciary Duty Related to Redemption of Auction Preferred Securities"},"content":{"rendered":"<p>Eaton Vance Management says that five of the closed-end management investment companies that it advises have each received a demand letter on behalf of a putative common shareholder of the \u201cTrusts\u201d alleging <a href=\"https:\/\/www.investorlawyers.com\/\">breach of fiduciary duty<\/a> related to the redemption of auction preferred securities after the auction markets failed in February 2008.<\/p>\n<p><strong>The \u201cTrusts\u201d:<\/strong><br \/>\n\u2022 Eaton Vance Floating-Rate Income Trust (NYSE:EFR &#8211; News)<br \/>\n\u2022 Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE:ETG &#8211; News)<br \/>\n\u2022 Eaton Vance Limited Duration Income Fund (NYSE Amex: EVV)<br \/>\n\u2022 Eaton Vance Insured Municipal Bond Fund (NYSE Amex: EIM)<br \/>\n\u2022 Eaton Vance New Jersey Municipal Income Trust (NYSE Amex: EVJ)<\/p>\n<p>The letters seeks to have the Trusts\u2019 Board of Trustees take certain steps to remedy the alleged breaches of duty. Eaton Vance Management is an Eaton Vance Corp. subsidiary.<\/p>\n<p>Also, purported class action complaints have been filed against ETG and EVV on behalf of a putative common shareholder of each Trust. The securities lawsuits are claiming breach of fiduciary duty related to the redemption of auction preferred securities. Eaton Vance Management, Eaton Vance Corp., and the Trustees of the Trusts also are defendants. Eaton Vance provides institutional and individual investors with a wide range of wealth management solutions and investment strategies.<\/p>\n<p>Our <a href=\"https:\/\/www.investorlawyers.com\/\">securities fraud lawyers <\/a> represent institutional investors throughout the US. We are here to help you recoup your investment losses.<\/p>\n<p><strong>Related Web Resources:<\/strong><\/p>\n<p><a href=\"https:\/\/institutions.eatonvance.com\/index.php\">Institutional Investors<\/a>, Eaton Vance<\/p>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/c\/closedendmanagementcompany.asp\">Closed-End Management Company<\/a>, Investopedia<\/p>\n<p>Read our <a href=\"https:\/\/www.investorlawyers.com\/blog\/\">Stockbroker Fraud Blog <\/a><\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/eaton-vance-and-closedend-trus-1\/#more-5075\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eaton Vance Management says that five of the closed-end management investment companies that it advises have each received a demand letter on behalf of a putative common shareholder of the \u201cTrusts\u201d alleging breach of fiduciary duty related to the redemption of auction preferred securities after the auction markets failed in February 2008. The \u201cTrusts\u201d: \u2022 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3948,3949,3950,3952,3752,3741],"tags":[],"class_list":["post-5075","post","type-post","status-publish","format-standard","hentry","category-auction-preferred-securities","category-breach-of-fiduciary-duty","category-closed-end-funds","category-eaton-vance","category-financial-firms","category-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eaton Vance and Closed-End Trusts Sued for Breach of Fiduciary Duty Related to Redemption of Auction Preferred Securities &#8212; Investor Lawyers Blog &#8212; September 3, 2010<\/title>\n<meta name=\"description\" content=\"Eaton Vance Management says that five of the closed-end management investment companies that it advises have each received a demand letter on behalf of a &#8212; September 3, 2010\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/eaton-vance-and-closedend-trus-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Eaton Vance and Closed-End Trusts Sued for Breach of Fiduciary Duty Related to Redemption of Auction Preferred Securities &#8212; Investor Lawyers Blog &#8212; September 3, 2010\" \/>\n<meta name=\"twitter:description\" content=\"Eaton Vance Management says that five of the closed-end management investment companies that it advises have each received a demand letter on behalf of a &#8212; September 3, 2010\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Eaton Vance and Closed-End Trusts Sued for Breach of Fiduciary Duty Related to Redemption of Auction Preferred Securities &#8212; 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