US investment funds fined for failing to follow pre-merger notification requirements | Practical Law
On 15 December 2008, at the request of the US Federal Trade Commission, the US Department of Justice (DOJ) filed a complaint alleging that ESL Partners L.P. and ZAM Holdings L.P. violated the pre-merger notification requirements set forth in the Hart-Scott-Rodino Act of 1976 (HSR Act) by failing to notify US antitrust agencies before acquiring voting securities of AutoZone Inc. in 2004. The DOJ has filed a proposed settlement, under which ESL Partners and ZAM Holdings will pay US$525,000 and US$275,000 respectively. If the settlement is approved by the court, it will resolve all the charges in the complaint.