Hedge Fund Pays To Quell Rule-Breaking Claims

Law360, New York (June 27, 2007, 12:00 AM EDT) -- In preparation for its acquisition by a U.S. company, London-based GLG Partners LP agreed Tuesday to fork over $3.2 million as part of a settled civil suit and cease-and-desist order filed by the Securities and Exchange Commission for allegedly shorting stocks in violation of the rule that the Commission just voted to strengthen.

In addition to the disgorgement and penalty payments, GLG promised to implement company policies, training protocols, and oversight geared toward compliance.

According to the complaint, filed in the Washington, D.C., district court, and...
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