Subpoenas have gone out from the NY Attorney General's Office to two prominent research firms servicing investment managers, Gerson Lehrman Group and Vista Research (a unit of McGraw-Hill). At issue is whether Gerson Lehrman or Vista may have discussed material non-public information with their interviewees in violation of insider trading laws.

Interestingly, the SEC also has a parallel investigation under way regarding whether several hedge funds may have also benefited from the acquisition of similar non-public information. That too will bear close watching.

-- MDT

Labels: Gerson Lehrman Group, insider trading, Vista Research