Surprise! Big Money Causes Big Problems

FINANCE
• Hedge-fund divorces are drawn-out, acrimonious, multi-million-dollar affairs. Turns out money causes problems! [Financial Times via LAT via DealBreaker]
• CNBC commentator Ron Insana has at least thirteen managers seeding his new fund-of-funds. [Deal Journal/WSJ]
• Insider trading: It's not just for greedy Americans anymore. [NYT]

MEDIA
• Just in time for a Dow Jones acquisition, the Times is conducting a major, multi-bureau investigation of Rupert Murdoch. [NYO]
• An internal Time memo orders staffers to make writing for the Website as important as for the magazine. [Gawker]
• News Corp. is considering swapping MySpace with Yahoo in exchange for a 30 percent stake in the bigger company. [Times of London]

LAW
• A federal judge fined Wiley Rein and Coughlin Duffy $1.25 million for attempting to withhold evidence from the September 11 insurance litigation. [NYS]
• Cramped New York Law School plans to double its square footage without moving from its historic Tribeca location. [NYT]
• Antonin Scalia not only watches 24, he's also a Jack Bauer apologist. [Globe and Mail via Law Blog/WSJ]

FASHION
• Alber Elbaz will receive the 2007 Couture Council Award for Artistry of Fashion from FIT. [British Vogue]
• Gwen Stefani will be showing her L.A.M.B. collection during Fashion Week, after a three-season hiatus. [Fashion Week Daily]
• To celebrate the opening of its new store, Hermès is giving away ice cream. [Racked]