On June 18, 2026, a jury in the Southern District of New York ruled in favor of the hedge fund defendants (Defendants) in Augenbaum v. Anson Investments Master Fund LLP et al., a lawsuit filed in January 2022 over trading activity. The plaintiff, investor Todd Augenbaum, had accused the hedge funds of violating Section 16(b) of the Securities Exchange Act of 1934, which requires purchasers to disgorge all profits realized through non-exempt matching purchases and sales in a six-month period and, in theory, prevents profit-taking through “short-swing” insider trading. This article summarizes the complaint and the jury’s verdict and examines the alleged securities law violations, with commentary from the Defendants’ lead counsel in the litigation and others. See “How Fund Managers Can Navigate Sections 13(d) and 16 of the Exchange Act” (Feb. 28, 2019).