Someone should sue FACT for copyright infringement – and refuse to settle.
In US law, there is no such thing. The shape of a glyph (or many) isn't even slightly copyrightable. This is settled law. Fonts (on computers) have a special status that makes them semi-copyrightable in that some jackass judge from the 1980s called them "computer programs" and so they have the same protection as software... but this won't protect against knockoffs.
I can't tell which way you mean this, but that sounds similar to the situation with most public domain musical compositions - the manuscripts may be completely open but a specific typesetting can still under copyright. And like that case, "just" tracing a font / typesetting a composition is still a fair amount of work.