UK activist hedge fund manager The Children's Investment Fund Management has been ordered to pay a $10m (€7.8m) settlement in relation to trading in the shares of CSX Corporation, the US railroad company that was the subject of its first public activism campaign in the US.

In a statement filed with the Securities and Exchange Commission, CSX said last week: "On March 5, a federal court in New York signed an order and final judgement approving a settlement reached by all parties to a civil action brought by plaintiff Deborah Donoghue, a shareholder of CSX Corporation, to recover so-called 'short-swing' profits under section 16(b) of the Securities Exchange Act of 1934 alleged to have been realised by defendants The Children's Investment Fund and 3G Capital Partners in connection with their purchases and sales of CSX securities.