The US DoJ settles HSR Act violation case with record fine for inappropriately relying on the investment-only exemption and failing to comply with the premerger notification requirements (ValueAct / Halliburton / Baker Hughes)

Hedge Fund Settles HSR Act Violation, Setting Record $11 Million Fine* On July 12, 2016, two ValueAct funds and their common general partner (collectively, “ValueAct”) agreed to pay an $11 million penalty and adopt extensive compliance procedures [1] to settle alleged violations of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”). [2] The $11 million penalty marks the highest fine recorded for an HSR Act violation settlement, almost double the previous highest penalty. [3] The complaint alleged that ValueAct inappropriately relied on the investment-only HSR Act exemption and failed to comply with HSR Act premerger notification requirements when the two funds acquired shares of Halliburton Company (“Halliburton”) and Baker Hughes Incorporated (“Baker Hughes”)

Access to this article is restricted to subscribers

Already Subscribed? Sign-in

Access to this article is restricted to subscribers.

Read one article for free

Sign-up to read this article for free and discover our services.

 

PDF Version

Authors

  • Shearman & Sterling (New York)
  • Weil, Gotshal & Manges (Washington)
  • Weil, Gotshal & Manges (Washington)

Quotation

Jonathan Cheng, Vadim M. Brusser, Alexis Brown-Reilly, The US DoJ settles HSR Act violation case with record fine for inappropriately relying on the investment-only exemption and failing to comply with the premerger notification requirements (ValueAct / Halliburton / Baker Hughes), 12 July 2016, e-Competitions July 2016, Art. N° 80223

Visites 147

All issues

  • Latest News issue 
  • All News issues
  • Latest Special issue 
  • All Special issues