A Lie on Market Timing That Was 'Literally True'

``Judge Rakoff concluded that "a reasonable investor reading the Memorandum would conclude that the Adviser had attempted in good faith to reduce or eliminate GGGF market timing across the board, whereas, as Alpert well knew but failed to disclose, the Adviser had expressly agreed to let one major investor . . . engage in a very large amount of GGGF market timing."''