Traders Say Zhongpin Insider Trading Claims Don't Stick

Law360, New York (August 12, 2013, 1:49 PM EDT) -- The U.S. Securities and Exchange Commission has not proven a breach of fiduciary duty in its lawsuit accusing six traders of insider trading on China-based pork processor Zhongpin Inc. stock, the traders argued in Illinois federal court Friday.

The traders have asked the judge for summary judgment against an SEC claim that they used inside knowledge to execute "highly profitable and highly suspicious" trades just before the company's CEO offered to buy outstanding shares at a premium.

But to prove illegal insider trading, the SEC must...
To view the full article, register now.