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....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.