Nicor Execs Avoid Penalties, Injunction In SEC Fraud Suit

Law360, New York (August 28, 2012, 8:38 PM EDT) -- An Illinois federal judge on Tuesday narrowed the U.S. Securities and Exchange Commission's available remedies in its fraud case against two former executives of gas utility company Nicor Inc. but upheld each pending claim surrounding the alleged financial reporting scam.

U.S. District Judge James B. Zagel denied Kathleen Halloran and George Behrens their motion for summary judgment regarding their argument that the SEC failed to prove scienter or negligence in connection with its allegations that the defendants manipulated gas inventory levels through improper third-party transactions and...
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