Third Point Clears SEC Hedge Fund Probe

Law360, New York (June 15, 2010, 2:33 PM EDT) -- The U.S. Securities and Exchange Commission has wrapped up its investigation into whether investment adviser Third Point LLC hobnobbed too closely with other hedge fund managers to advance short-selling strategies.

In a quarterly letter to investors Friday, Third Point manager Daniel Loeb said the SEC has dropped its probe concerning the company’s “communications with other hedge fund managers” and issued a letter stating that “no further action will be taken.”

“We remain registered with the SEC, and believe that the exacting standards of compliance to which...
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