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Investment Funds' Failure to Report Beneficial Ownership of CSX Shares "Owned" Through Total Return Swaps Violated Section 13(d) |
June 30, 2008
Previously published on June 18, 2008
The United States District Court for the Southern District of New York recently held in CSX Corporation v. The Children's Investment Fund Management (UK) LLP, et al, (08 Civ. 2764 (LAK) June 11, 2008), a case involving the proxy fight between two investment fund families and CSX Corporation, that the funds had violated Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), by failing to disclose beneficial ownership of CSX shares in which the funds had economic interests through total return swaps.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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