NY Fraud Law Brings Banks To Heel On 'Insider Trading 2.0'

Law360, New York (February 26, 2014, 5:50 PM EST) -- A preemptive move by Wall Street giants to wall off their analysts from profiteers who collect market-moving information and sell it early to elite traders shows that the threat of New York's anti-fraud Martin Act is weighing heavily on the minds of litigation-weary bankers, experts said Wednesday.

Eighteen financial services heavyweights, including Bank of America Corp. unit Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., JP Morgan Securities LLC, Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. have been...
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