Hedge Fund Manager's Free Speech Claims Rejected

Law360, New York (October 1, 2009, 1:14 PM EDT) -- A Massachusetts appeals court has reportedly rejected the claims of hedge fund manager Phillip Goldstein, disagreeing that the state's securities watchdog violated his First Amendment rights by ordering him to let only qualified investors view his Web site.

On Wednesday, an appeals court sided with Massachusetts' Secretary of the Commonwealth William Galvin, who had previously demanded that the shareholder activist and Bulldog Investors founder limit the firm’s Web site from offering unrestricted access, Reuters reported.

The administrative complaint filed by the enforcement section of Massachusetts’ Securities...
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