Citadel and SEC Brace for Legal Battle Over WhatsApp Probe

Citadel, the hedge fund run by billionaire Ken Griffin, is preparing to fight against the Securities and Exchange Commission (SEC) over allegations of unmonitored communications on WhatsApp. While several banks have settled with the SEC over similar allegations, Citadel plans to take a harder line and is willing to go to court, arguing that as a hedge fund, it is not subject to the same rules as banks. The SEC has significantly increased its scrutiny of the private funds market under Chair Gary Gensler, and a court ruling in favor of Citadel could impact the SEC's authority in this area.