There was a time when an investment firm's disclosure that it had purchased more than 5 percent of company's stock was big news. It often suggested that a company might be in play. But hedge funds these days can get around having to make a 13D disclosure via swaps. That practice is now being challenged by CSX, which has filed a suit charging two hedge funds: The Children's Investment Fund (TCI) and 3G Capital Partners. Both used complex swap agreements with investment banks to mask a 12 percent ownership stake in the rail operator, reports the New York Post. Hedge funds obviously do not want to tip their hand publicly. It's unclear how widespread this practice is. The Post suggests that Carl Icahn is among those who have used the ploy.

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