Discovery Communications Exec Beats Insider-Trading Suit

Law360, New York (August 9, 2011, 2:24 PM EDT) -- A federal judge in New York on Monday dismissed a shareholder's insider-trading suit against a former director of Discovery Communications Inc., finding no merit to the novel theory of short-swing liability under the Securities Exchange Act.

U.S. District Judge Barbara S. Jones found that defendant John C. Malone did not execute an illegal short-swing transaction when he bought and sold Discovery equity securities within a two-week period in 2008 — allegedly realizing more than $300,000 profit in the process — because the securities were of two...
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