Halls of Justice

The U.S. Department of Justice and the Securities and Exchange Commission have launched investigations into possible leaks about the Galleon Group insider-trading case after Galleon founder Raj Rajaratnam’s lawyer complained that his client was being subjected to “trial by newspaper.”

As expected, the Texas Rangers’ creditors, led by hedge fund Monarch Alternative Capital, don’t plan to make the baseball team’s bankruptcy proceedings smooth and easy.

In the nine days since the Man Group announced its plan to buy GLG Partners, only one shareholder lawsuit has been filed seeking to block the deal. But there could soon be a whole lot more.

Faced with the threat of an involuntary bankruptcy petition by its hedge fund creditors, the Texas Rangers baseball team has preempted it—by filing for bankruptcy protection itself.

A GLG Partners shareholder has sued the hedge fund, arguing that its deal to be acquired by the Man Group undervalues its shares.

The deal would create the world’s largest hedge fund manager, with some $63 billion in assets, at the expense of GLG’s investors, Ron Duva alleges.

Federal regulators say they have broken up yet another multi-million dollar Ponzi scheme, this one passing itself off as a successful commodity trading adviser.

The founder of hedge fund New Castle Partners was sentenced to more than two years in prison on Friday for his role in the Galleon Group insider-trading case.

Ten days ago, brokerage MICG Investment Management went out of business. But it may now have an even bigger problem, as the firm and its CEO have been charged with running a hedge fund fraud.

Hedge fund billionaire George Soros’ ex and former Miss Russia Anna Malova is in trouble with the law again.

A former independent director of an Australian hedge fund that collapsed in the wake of its investment in a Goldman Sachs collateralized debt obligation has called on authorities in that country to launch an investigation into the investment bank.