When Corporate Counsel sibling publication The American Lawyer called around to folks in New York’s white-collar defense bar Monday afternoon, after The Wall Street Journal reported that FBI agents had raided the offices of three Connecticut hedge funds, several details became clear.
First, the Journal‘s great scoop this weekend about the government’s “vast insider-trading probe” of hedge funds, mutual funds, and investment bankers came as a bit of a surprise even to big names in the white-collar bar; before the Journal story, four lawyers told The American Lawyer, there wasn’t a lot of buzz in white-collar circles about this sort of wide-ranging criminal insider-trading investigation with dozens of potential defendants.
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