DOJ and FTC argue the passive-investor exception is narrow and can be lost through anticompetitive use of shares, while expressly distinguishing ordinary investing and procompetitive governance.
There should be no confusion: the antitrust laws allow passive fund investing, they allow shareholder advocacy for better corporate governance, and they allow active investing that doesn’t harm competition.
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DOJ and FTC argue the passive-investor exception is narrow and can be lost through anticompetitive use of shares, while expressly distinguishing ordinary investing and procompetitive governance.