CSX Corp. v. Children’s Investment Fund Management (UK) LLP
United States Court of Appeals for the Second Circuit
654 F.3d 276 (2011)
- Written by Robert Cane, JD
Facts
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
Issue
Holding and Reasoning (Newman, J.)
Concurrence (Winter, J.)
What to do next…
Here's why 816,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.