Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:The Supreme Court Will Hear a Fundster Scion's Case Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 26, 2012

The Supreme Court Will Hear a Fundster Scion's Case

News summary by MFWire's editors

A fundster scion is headed to the U.S. Supreme Court, ready to fight the SEC over statutes of limitations in a market-timing case.

Yesterday the justices granted certiorari in Gabelli, Marc J., et al. v. SEC. In April 2008 the SEC sued Mario Gabelli's son Marc Gabelli and Gabelli Funds [profile] chief operating officer Bruce Alpert, accusing the duo of allowing London-based hedge fund shop Folkes Asset Management (now called Headstart Adviser) to market time the Gabelli Global Fund PMed by Marc Gabelli. That suit followed Gabelli Funds settling similar claims for $16 million in 2008.

"I intend to clear my name by responding vigorously to this allegation in court," Marc Gabelli stated in 2008.

The allegedly permitted market timing occurred between 1999 and 2002, and the SEC's statute of limitations for penalties is normally five years. Marc Gabelli accused the SEC of taking too long to file the case. In March 2010 the U.S. District Court for the Southern District of New York agreed and tossed most of the case against the duo. Yet in August 2011 the U.S. Second Circuit Court of Appeals reopened the case, agreeing that the statute of limitations' clock started ticking in September 2003 when the SEC discovered the claim, not in 2002 when the behavior stopped. Marc Gabelli then appealed the case to the Supreme Court.

A Dorsey & Whitney partner, the JD Journal, Law360 and Reuters all reported on the Supreme Court's move to accept the appeal.

The justices will hear the case in their new term, which starts shortly and ends in June. 

Edited by: HFD


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use