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US lawyers busy as hedge funds face scrutiny

Reuters- It’s turning into a busy summer for U.S. lawyers who advise hedge funds as the industry faces growing questions about potentially manipulative trading and regulators are knocking at fund managers’ doors.

With the markets in turmoil, the loosely regulated sector is under increasing scrutiny. The U.S. Securities and Exchange Commission recently sent subpoenas to more than 50 firms regarding possibly abusive trading activity.

Some funds have sought advice to be sure they are complying with the rules, which include new limits on short-selling.

Others are calling for help to set up new funds as managers try to find ways to make money in a rough market.

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