2nd Circ. Vacates Injunction In CSX Proxy Fight

Law360, Wilmington (July 18, 2011, 10:23 PM EDT) -- The Second Circuit on Monday vacated a securities violation injunction against two hedge funds that waged a bitter proxy battle with CSX Corp. in 2008, remanding the issue to district court for more precise findings.

In June 2008, U.S. District Judge Lewis A. Kaplan ruled that The Children's Investment Fund Management and 3G Capital Partners had violated securities laws, but could not be prevented from voting their shares at CSX's annual meeting to place representatives on the railroad company’s board.

Judge Kaplan found that the hedge...
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