Antitrust Advisory: Hedge Funds Fined $800,000 for Acquiring Additional Stock in AutoZone without Filing New HSR Notifications


On December 15, 2008, the Federal Trade Commission (FTC) and the Department of Justice (DOJ) announced a final judgment under which ESL Partners, L.P. (“ESL”) and ZAM Holdings, L.P. (“ZAM”) will pay civil penalties of $525,000 and $275,000 respectively for failure to make timely filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (the “HSR Act”) for their acquisitions of stock in AutoZone, Inc. (“AutoZone”.)1 Both companies were already owners of AutoZone securities; the deals for which the fines were levied were follow-on acquisitions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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