Musicland Investor Seeks New Trial Over SEC Claims

Law360, New York (November 6, 2012, 10:28 PM EST) -- A Musicland Stores Corp. investor ordered to pay $49.5 million for making false regulatory filings in connection with an insider trading scheme during the company's merger with Best Buy Co. Inc. asked the Third Circuit on Monday for a new trial, saying statements he made during his criminal case never should have gone to the civil jury.

Alfred S. Teo, formerly Musicland's largest single shareholder, pled guilty in 2006 to charges that he had profited from insider trading when the two entertainment-store corporations merged in 2000....
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