Underwriter, Traders Beat $1.3M Insider Trading Rap

Law360, New York (September 21, 2010, 7:13 PM EDT) -- Three men were cleared of $1.34 million in insider trading allegations Tuesday after a court ruled that alleged tipster Thomas Bradley Strickland did not have a duty in 2001 to keep secret a financing firm's impending acquisition of SunSource Inc.

GE Capital Corp. employee Strickland, Wynnefield Capital Inc. employee Peter F. Black and Wynnefield manager Nelson Obus won summary judgment in the U.S. District Court for the Southern District of New York, closing the book on accusations from the U.S. Securities and Exchange Commission.

Judge George...
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