February 3, 2010  Financial Reform Bill's Proposed Amendments to Section 16
The Wall Street Reform and Consumer Protection Act of 2009, which passed the House of Representatives in December, contains a provision that would amend Section 16 and a separate provision that would amend Section 13 of the 1934 Act for...

March 5, 2009  Judge Cedarbaum Says She Will Approve CSX Settlement
I said in my January 24, 2009 blog that a hearing had been scheduled for today to consider the proposed settlement of the Section 16(b) action brought against The Children's Investment Fund and 3G Capital Partners in the wake of...

January 24, 2009  CSX v. The Childrens' Investment Fund - Potential Recoverable Profits of $137.6 Million
As I mentioned in my October 30, 2008 blog, plaintiff's attorney David Lopez brought an action under Section 16(b) against The Children's Investment Fund (TCI) and 3G Capital Partners in the wake of Judge Lewis Kaplan's decision that the two...

December 18, 2008  CSX Settles Section 16(b) Action Involving Hedge Funds' Total Return Swaps
My October 30, 2008 blog noted that plaintiff's attorney David Lopez had initiated an action under Section 16(b) in the wake of CSX Corp. v. The Children's Investment Fund Management (UK) LLP, in which Judge Lewis Kaplan held that...

October 30, 2008  CSX Shareholder Brings Section 16(b) Action Against Holders of Total Return Swaps
Back in June, Judge Lewis Kaplan of the Southern District of New York held, in CSX Corp. v. The Children's Investment Fund Management (UK) LLP, that two hedge funds were beneficial owners, for purposes of Section 13(d), of CSX common...

June 6, 2008  Staff Says Total Return Swaps Don't Represent Beneficial Ownership of Underlying Shares
Total return swaps have become a popular investment vehicle for hedge funds. A total return swap is a contract between an investor and a counterparty, usually an investment bank, under which the investor acquires the economic risks and rewards of...