Gabelli Market-Timing Case Will Get Supreme Court Review

Law360, New York (September 25, 2012, 1:36 PM EDT) -- The U.S. Supreme Court agreed Tuesday to hear the U.S. Securities and Exchange Commission's market-timing case against two Gabelli Funds LLC executives, setting up a possible landmark ruling on how long the agency may wait to seek fraud penalties.

The court said in a brief notice that it had granted an April 20 petition for certiorari by Marc J. Gabelli and Bruce Alpert. The executives are hoping to overturn the Second Circuit’s August 2011 decision reviving an SEC suit alleging they permitted a hedge fund to...
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