Business Week – The British financial regulator won a court appeal giving it the power to force a Panama distressed-debt fund to turn over documents as part of a U.S. investigation into illegal short-selling.
The U.K. Financial Services Authority had the right to get British investigators to follow a request by the U.S. Securities and Exchange Commission to assist with a probe into Amro International SA, a London appeals court ruled today. Amro had successfully argued at a lower court in August that the SEC had issued an overly broad order in its inquiry of two New York-based hedge funds over 2001 short-sales of Sedona Corp. stock.
