( July 9, 2026, 1:30 PM EDT) -- NEW YORK — In what it said was an issue of first impression in the circuit, a Second Circuit U.S. Court of Appeals panel determined that the provisions of an investment funds’ agreements to purchase derivatives from Bed Bath & Beyond Inc. (BBBY) that prevented the fund from obtaining more than 9.99% of the retailer’s common stock at one time, known as “blockers,” effectively prevented the investment fund from becoming a 10% beneficial owner subject to short-swing profit liability under Section 16(b) of the Securities Exchange Act of 1934....