Heartland GC Loses Bid To Nix Insider Trading Ruling

Law360, New York (May 26, 2011, 3:46 PM EDT) -- A Wisconsin federal judge ruled again on Wednesday that Heartland Advisors Inc.'s former general counsel and chief compliance officer engaged in insider trading, denying a motion to reconsider a summary judgment ruling against her.

U.S. District Judge Charles N. Clevert Jr. had issued summary judgment in April after finding that Jilaine H. Bauer had engaged in insider trading in 2000 in advance of her company’s forced devaluation of its municipal fund portfolio. Clevert ruled that Bauer had “possessed material, nonpublic information, and therefore engaged in insider...
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