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CSX Corp. v. Children’s Investment Fund Management (UK) LLP
United States Court of Appeals for the Second Circuit
654 F.3d 276 (2011)
Two hedge funds, The Children’s Investment Fund Management (TCI) and 3G Capital Partners (3G) (defendants) sought to take control of CSX Corporation (plaintiff). The hedge funds began purchasing CSX stock outright and acquiring long positions in cash-settled total-return equity-swap agreements. On April 10, 2007, TCI and 3G together owned more than 5 percent of CSX’s outstanding shares. TCI and 3G did not file a section 13(d) disclosure indicating that their group’s outright ownership of CSX shares had crossed the 5 percent threshold. CSX sought sterilization of TCI and 3G’s voting rights for violation of section 13(d) in the district court. The district court found that the hedge funds committed section 13(d) violations but denied CSX’s request to enjoin the voting of the hedge funds’ shares at the annual meeting. CSX appealed to the United States Court of Appeals for the Second Circuit.
Rule of Law
Holding and Reasoning (Newman, J.)
Concurrence (Winter, J.)
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