Goldstein v. Securities and Exchange Commission
United States Court of Appeals for the District of Columbia
451 F.3d 873 (2006)
Relevant factsFree
The SEC (defendant) adopted a rule requiring hedge fund advisers with 15 or more clients to register, defining "client" to include a fund's shareholders, limited partners, members, or beneficiaries; Goldstein (plaintiff) challenged that definition, arguing shareholders in a fund shouldn't count as individual clients of the fund's adviser.
IssueFree
Whether a shareholder in a hedge fund is properly considered a client of the fund's adviser, as opposed to only being a client where the adviser manages that shareholder's investments separately from the fund itself.
Related cases
Janus Capital Group, Inc. v. First Derivative Traders131 S.Ct. 2296 (2011)Meyer v. Oppenheimer Management Corp.895 F.2d 861 (1990)Business Roundtable v. Securities and Exchange Commission647 F.3d 1144 (D.C. Cir. 2011)Wellman v. Dickinson682 F.2d 355 (2d Cir. 1982)Securities and Exchange Commission v. Life Partners, Inc.87 F.3d 536 (1996)