Spitzer Sues Seligman Over Market Timing

Law360, New York (September 26, 2006, 12:00 AM EDT) -- Setting his sights on yet another money manager in the unfolding market-timing scandal, New York Attorney General Eliot Spitzer on Tuesday sued J. & W. Seligman & Co. over alleged “numerous secret timing arrangements” that cost small investors $80 million.

Spitzer’s lawsuit, which names the company, its president, its fund distributor and shareholder services agent, seeks injunctive relief, disgorgement of fees and profits, and restitution, as well as penalties.

Filed in State Supreme Court in Manhattan, the lawsuit refutes a claim by company officials that there...
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