Pawn Shop Co. Chair Fails To Dodge Insider Trading Suit

Law360, New York (January 27, 2012, 1:41 PM EST) -- A former chairman of pawn shop operator First Cash Financial Services Inc. on Wednesday lost a bid to dismiss an insider trading suit accusing him of buying shares in his company because he knew it was about to repurchase stock.

Phillip E. Powell, who long chaired the company's board of directors, had asked a Texas federal judge to dismiss the U.S. Securities and Exchange Commission's claims against him, saying that the information on which he traded was already public. The company had previously announced that it...
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