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Alternative Market Briefing

SEC voluntarily dismisses action against hedge fund manager over safeguarding confidential information
Wednesday, April 16, 2025

By Opalesque:

Earlier this month, the SEC announced the dismissal of a civil enforcement action against hedge fund Silver Point Capital, regarding its alleged failure to properly safeguard material nonpublic information (MNPI). The case involved the fund's use of outside counsel on creditors' committees while simultaneously trading related companies' debt.

According to a memo from global law firm Seward & Kissel, the case background is as follows:

• The hedge fund maintained a "public side" that traded distressed companies' debt and a "private side" involved in confidential debt repayment negotiations • The fund hired outside counsel to represent them on creditors' committees • An information barrier separated the public and private sides to prevent trading restrictions......................

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