A front-page article in Friday's New York Times reports that the SEC is investigating Pequot Capital Management, one of the nation's most prominent hedge funds, for possible insider trading. The SEC declined to confirm or deny the report. Pequot is one of the oldest and most well known hedge funds in America.
Continue Reading...Late last year, Internet retailer Overstock.com, Inc., led by its controversial and often outspoken CEO Patrick Byrne, filed suit against hedge fund manager Rocker Partners and stock-research firm Gradient Analytics. Overstock alleged that Rocker Partners collaborated on disparaging reports with Gradient while Rocker was "shorting" Overstock's shares. In April, the lawsuit was put on hold as Gradient appeals a trial court's refusal to dismiss the case outright on grounds that the lawsuit violates its First Amendment rights.
Continue Reading...According to a recent New York Times article, an average NASD arbitration, which is promoted as a quicker alternative to litigating in state or federal court, now takes 14.3 months to resolve. Even more troubling are the alleged conflicts of interest, which, according to the article, exemplify growing criticisms that the NASD is not doing enough to ensure that its arbitration panels are unbiased.
Continue Reading...Milberg, Weiss, Bershad, & Schulman, a New York securities litigation heavyweight, along with two of its name partners, were indicted last month by a federal grand jury on several criminal charges, including racketeering, conspiracy and money laundering. The firm is accused of making $11.3 million in illegal secret payments to three people who served as plaintiffs in more than 150 lawsuits.
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