A Gabelli Market-Timing Suit Rises From the Grave
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Tuesday, August 02, 2011

A Gabelli Market-Timing Suit Rises From the Grave

Mario Gabelli'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.

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