Daniel H Tabak and Drew S Dean discuss the Second Circuit's dismissal of the Section 16 "short-swing profit" claims against the client of an investment advisory firm that was itself subject to Section 16(b) liability in Rubenstein v. Int’l Value Advisers, LLC. They go on to examine the question of whether a family of hedge funds with a combined holding of over 10% of an issuer may similarly avoid short-swing trading liability under Section 16 even if the funds are all managed by the same advisor.