2nd Circ. Revives SEC Suit Over Gabelli Market-Timing

Law360, New York (August 1, 2011, 8:36 PM EDT) -- The Second Circuit on Monday revived a U.S. Securities and Exchange Commission case accusing former Gabelli Funds LLC executives of permitting a hedge fund to engage in exclusive market-timing in exchange for investments in other Gabelli funds.

The appeals court reversed the lower court’s dismissal of the SEC’s claims that Marc J. Gabelli, the portfolio manager of the Gabelli Global Growth Fund, and Bruce Alpert, Gabelli Funds' chief operating officer, violated securities laws by allowing Headstart Advisers Ltd. to make the late trades.

The Second Circuit...
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