Wednesday, 22 February 2017
Last updated 27 min ago
Nov 14 2006 | 10:34am ET
Arguably the most famous plaintiff in hedge fund history now finds himself as the defendant.
Phillip Goldstein—the Goldstein in Goldstein v. SEC, the case that killed the Securities and Exchange Commission’s hedge fund registration requirement—and his Saddle Brook, N.J.-based hedge fund, Bulldog Investors, are being sued by a closed-end mutual fund that claims the hedge fund owns too many of its shares.
The RMR Hospitality and Real Estate Fund said Bulldog has reportedly acquired about 14% of its outstanding shares, in contravention of a rule restricting ownership to 9.8%. The Newton, Mass.-based fund said that Bulldog has refused to comply with repeated requests that it abide by the share ownership limit, and other requirements, of RMR’s trust agreement.