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US: SCOTUS backs hedge funds

By  |  May 29, 2013

An earlier ruling by a lower court clearing various hedge funds of antitrust charges has been backed by the US Supreme Court. SCOTUS ruled last Tuesday to allow a ruling clearing 21 hedge funds of violations of the Sherman Antitrust Act. The funds were accused by Atlanticus Holdings – formerly known as CompuCredit Holdings – of colluding to require that Atlanticus redeem convertible promissory notes decades in advance. A US District Court ruled that the hedge funds were acting as creditors in their actions and thus exempt from antitrust law. The hedge funds include GLG Partners and Akanthos Capital Management. A statement outlining the Supreme Court’s ruling was not given.

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