Ameriprise Adviser Wasn't Insider Trading, Witness Says

Law360, Philadelphia (November 14, 2012, 3:48 PM EST) -- An Ameriprise Financial Services Inc. adviser charged with purchasing stock of an insurance company based on inside information called an investment analyst to the stand Wednesday to persuade a Pennsylvania federal jury that he was following a strategy of “averaging down.”

Timothy McGee brought forward analyst Bill Miller,who worked under him at the time that he increased his position in Philadelphia Consolidated Holding Corp. in July 2008 — shortly before the company was acquired by Tokio Marine Holdings Inc. — to speak for the legitimacy of...
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