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Eleventh Circuit Joins Second and Seventh Circuits in Rejecting Antitrust Claim Challenging Collective Action by Holders of Existing Debt
December 23, 2011
In a significant decision that reaffirms the extent to which holders of debt may engage in coordinated behavior with respect to a common issuer, the United States Court of Appeals for the Eleventh Circuit recently affirmed a judgment on the pleadings for a group of hedge funds in an antitrust case challenging the funds' actions under the Sherman Act. The Court of Appeals rejected the issuer's assertion that the hedge funds holding its notes had violated Section 1 of the Sherman Act by coordinating to force the issuer to pay above-market prices for the early redemption of its notes. Joining the Second and Seventh Circuits, the court held that debt holders do not violate the antitrust laws when they coordinate in dealings with an issuer of existing debt.