Hedge Fund Sues Watchdog Over Free Speech

Law360, New York (March 26, 2007, 12:00 AM EDT) -- A hedge fund manager is suing Massachusetts regulators for an enforcement action that allegedly violates his firm’s First Amendment right to free speech.

Shareholder activist and Bulldog Investors founder Phillip Goldstein has filed action in the Suffolk Superior Court in Boston claiming the state’s securities watchdog was “crossing the line” by seeking to ban the firm’s Web site from offering unrestricted access to advertising.

The administrative complaint filed by the enforcement section of Massachusetts’ Securities Division on January 31 claims that Bulldog is making an unregistered...
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