's son and chief operating officer are both returning to court to fight the Securities and Exchange Commission (SEC
). Dow Jones
' Chad Bray reports
that yesterday the U.S. Second Circuit Court of Appeals reopened the regulator's market-timing lawsuit against former Gabelli Funds [see profile]
PM Marc Gabelli
and Gabelli Funds chief operating officer Bruce Alpert
The case, which was tossed out by a lower court in 2008, will go to the U.S. District Court in Manhattan. The SEC claims Marc Gabelli and Alpert allowed a London-based hedge fund (Folkes Asset Management
, later called Headstart Advisers
) to market time the Gabelli Growth Fund
from 1999 to 2002.
Three years ago Gabelli Funds itself settled a similar attack from the SEC by shelling out $16 million.
Neil Anderson, Managing Editor
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