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Financial regulators the Securities and Exchange Commission (SEC) has filed the case, worth almost $200 million.
According to the suit, Headstart was involved in late trading of mutual funds - in other words, placing orders in them after the markets close.
The illegal practice can distort share prices - leading them to drop in value.
Cover-up attempts at the hedge fund to conceal the malfeasance are also alleged by the SEC.
"[The fund] employed a number of deceptive tactics, including utilising multiple accounts... to help conceal Headstart Fund's identity and thereby trick the US mutual funds into accepting Headstart Fund's trades," the suit claims.
Last week, the SEC filed a similar lawsuit against Pentagon Capital Management, another British fund, over allegations that it had attempted to "defraud" mutual funds.
Pentagon contests the charges.
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