Lake Shore Stays Frozen, Avoids Contempt For Now

Jul 18 2007 | 1:07pm ET

A federal judge has extended indefinitely the asset freeze against Chicago-based hedge fund Lake Shore Asset Management. But it has put off a decision about whether hold the firm in contempt for failing to produce records as required by the court.

Judge Blanche Manning of the U.S. District Court of the Northern District of Illinois, in a July 13 ruling, gave Lake Shore—founded by former Chicago Mercantile Exchange Chairman Laurence Rosenberg—until July 24 to respond to the CFTC’s contempt motion.

The court froze some $238 million in Lake Shore assets on June 27. As a result of the new ruling, those assets will remain frozen until further order of the court.

Lake Shore had claimed it had almost $1 billion in assets. But when the National Futures Association found only $467 million in its accounts after being given access to its secure Web site, Rosenberg revoked its access, claiming that it violated international banking privacy laws.


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