Saturday, 30 August 2014
Last updated 1 day ago
Mar 17 2008 | 10:51am ET
Railroad transportation company CSX has filed a lawsuit against two hedge funds, alleging violations of federal securities laws. The lawsuit, which was filed against The Children's Investment Fund and 3G Capital Partners, follows months of moves by the hedge funds to agitate the railroad company’s management for change.
The two hedge funds have been working closely to nominate a slate of directors to stand for election at the 2008 CSX annual meeting.
The lawsuit was filed by CSX today in the United States District Court for the Southern District of New York and alleges violations of federal securities laws, including violations of Section 13(d) of the Securities Exchange Act of 1934. The lawsuit alleges, among other things, that London-based TCI has employed swap agreements in order to evade the filing requirements of Section 13(d), and that TCI's disclosures concerning its 11.5% swap position in CSX shares are materially misleading because they fail to disclose that swap counterparties intend to vote CSX shares in accordance with TCI's wishes.
The lawsuit further alleges that TCI and 3G's disclosures concerning their formation of a Section 13(d) group are false and misleading and, therefore, material information that the investing public should have regarding the group and its intentions with respect to the company is currently unavailable.
"We filed this suit against TCI and 3G to ensure that all of our shareholders receive complete and accurate information about the group's holdings, agreements, plans and motivations to which they are entitled under federal securities laws," said Michael Ward, chairman, president and CEO of the Jacksonville, Fla.-based CSX.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...