Hartford Analyst's Stock Tips Fine Sticks

Law360, New York (July 5, 2011, 4:08 PM EDT) -- A Massachusetts federal judge on Tuesday refused to reduce a $2.5 million judgment imposed on a former Hartford Investment Management Co. analyst accused of trading on nonpublic knowledge of Liberty Mutual Insurance Co.’s acquisition of Safeco Corp.

U.S. District Judge Michael Ponsor rejected Peter E. Talbot’s bid to revise the judgment and ordered Talbot and his nephew, Carl E. Binette, who also settled the U.S. Securities and Exchange Commission’s suit, to jointly disgorge $691,000 and each pay $1.8 million in civil penalties.

“The motion fails to...
To view the full article, register now.