SEC Contests Nixed Gabelli Injunction In 2nd Circ.

Law360, New York (June 2, 2011, 8:18 PM EDT) -- The U.S. Securities and Exchange Commission cried foul before a Second Circuit panel Thursday over a lower court's decision to reject an injunction requested in a case brought against former Gabelli Funds LLC executives for alleged late trading.

The SEC argued that a federal judge's rejection of the injunction was unprecedented in the roughly 80-year history of the commission. But a lawyer for one of the Gabelli Funds managers, Kathleen Massey of Dechert LLP countered that the agency had simply not demonstrated the need for such...
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