Raided Firm Says It's Not Target Of Trading Probe

Law360, New York (November 30, 2010, 5:15 PM EST) -- Diamondback Capital Management LLC, one of three hedge funds raided by federal investigators last week as part of a growing investigation into insider trading on Wall Street, is not a target of the government's probe, according to the firm.

Diamondback's co-chief investment officers, Richard Schimel and Lawrence Sapanski, said in a letter Monday to investors that the government was apparently focused on a portfolio manager and one of the manager's former subordinates. The firm has put the manager, whom Diamondback declined to name, on leave....
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