Mass. Hedge Fund Sues Over Dual Securities Registration

Law360, New York (March 5, 2014, 7:22 PM EST) -- Massachusetts Secretary of the Commonwealth William Francis Galvin returned a summons Wednesday in a Massachusetts federal court lawsuit alleging his office is unlawfully blocking a hedge fund from registering with the U.S. Securities and Exchange Commission.

Opaleye Management, run by James Silverman, filed a lawsuit late last month against Secretary Gavin and Bryan J. Lantagne, the director of the Massachusetts Securities Division, claiming they are requiring Opaleye to maintain redundant state and federal registrations.

The hedge fund alleges the concurrent registrations violate its right to be...
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