New Stream Investors Lose Discovery Bid

Law360, New York (March 15, 2011, 7:50 PM EDT) -- A bankruptcy judge on Tuesday dealt a blow to investors alleging fraud against New Stream Secured Capital Inc., severely limiting their discovery requests, even as the U.S. Securities and Exchange Commission acknowledged its own investigation into the hedge fund.

At a hearing in the U.S Bankruptcy Court for the District of Delaware, Judge Mary F. Walrath ruled that the investors could only obtain documents pertaining to the funds for which they have filed involuntary petitions, excluding the bulk of New Stream’s master-feeder fund structure.

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