Hedge Fund Website Lawsuit
Court Rules Against Hedge Fund Manage over Website
"This ruling is wrong and we are going to appeal it," Goldstein said. "Apparently if you live in Massachusetts you have to be rich to read truthful material on a hedge fund website," he added.
The decision will bring new attention to hedge funds at a time the loosely regulated and often secretive industry is being scrutinized more carefully and managers will likely be required to report more about how they make money.
Two years ago Massachusetts' Secretary of the Commonwealth, William Galvin sued Goldstein and ordered the fund manager to pay a $25,000 fine and restrict online access to the portfolios, which are considered private offerings.
Since then the fund's website www. bulldoginvestors. com/ says: "Our Website is currently being updated. Please check back soon. Thank you."
"We can't put anything up there because of the threat of enforcement," Goldstein told Reuters.
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