Thursday, 20 October 2016
Last updated 27 min ago
Nov 16 2011 | 11:22am ET
Philip Goldstein is heading to the U.S. Supreme Court.
The Bulldog Investors founder, stymied in the Massachusetts courts in his effort to have a three-year old fine overturned, will appeal the case to the Supreme Court, his lawyer, Andrew Good of Boston firm Good & Cormier, told FINalternatives.
Massachusetts Secretary of the Commonwealth William Galvin fined Bulldog for providing information about itself to a non-accredited investor. Goldstein, who has engaged in a war of words with Galvin, said that was a violation of Bulldog's First Amendment right to free speech.
But in September, Massachusetts' Supreme Judicial Court ruled that Bulldog's was commercial speech and therefore not entitled to Constitutional protection. Earlier this month, the same court denied Bulldog's request for a rehearing, setting up the petition for certiorari to the Supreme Court, which accepts less than 2% of the cases it receives.
Good said that Bulldog's appeal to the Supreme Court would cover both its free-speech and due-process claims, as well as its claim that the New Jersey-based firm's links to Massachusetts are too tenuous for Galvin to claim jurisdiction.
Stone Street Media, the publisher of FINalternatives, filed an amicus curiae brief in the Massachusetts case in favor of Bulldog's position.