2nd Circ. Vacates Traders' Convictions In 'Squawk Box' Trial

Law360, New York (August 2, 2012, 4:56 PM EDT) -- The Second Circuit on Thursday vacated the convictions of six traders over a scheme involving the sharing of private information via internal "squawk boxes," finding that prosecutors had suppressed evidence favorable to the defendants.

The appeals court said the government had violated the decision in Brady v. Maryland — which says that prosecutors must disclose evidence favorable to a defendant's case — by failing to disclose portions of testimony by brokerage firm executives taken by the U.S. Securities and Exchange Commission that could have supported the...
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