GLG settles short-selling case with SEC


The U.S. Securities and Exchange Commission on Tuesday announced that it has reached a settlement agreement with London-based hedge fund firm GLG Partners in connection with allegations of illegal short selling. The announcement came one day after GLG announced a deal that would take it public in the United States.

GLG, which has $20 billion in gross assets, agreed to pay more than $3.2 million to settle SEC accusations that the firm had illegally profited – to the tune of more than $2.2 million – from manipulative short selling of initial public offerings. The profits went to four of