TCI to appeal against U.S. court ruling on CSX


The Children’s Investment Fund’s proxy battle with U.S. railroad operator CSX has taken a potentially precedent-setting turn, with a U.S. court declaring that London-based TCI and Brazil-based activist fund 3G breached U.S. securities laws with respect to how they built their stake in the company.

U.S. District Court Judge Lawrence Kaplan ruled that TCI and 3G failed to make timely disclosures about the size of their stake in CSX and the fact that they were acting as a group in the run-up to the proxy fight, noting that much of their position in CSX was in the form of