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”)

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Auteurs

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

Citation

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 juillet 2016, e-Competitions July 2016, Art. N° 80223

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