In Blow To SEC, Executive Cleared Of Insider Trading
By Marius Meland
Law360, New York (February 16, 2006, 12:00 AM EST) -- A federal judge in Los Angeles has cleared a former director of giant title insurer Fidelity National Financial Inc. of insider trading charges after he was accused of illegally profiting from an impending merger between online mortgage lending broker LendingTree and billionaire Barry Diller’s USA Interactive.
The Securities and Exchange Commission filed the lawsuit back in June 2004, claiming that J. Thomas Talbot had broken insider trading laws the previous year after he sold off his holdings in online lending and realty-services exchange LendingTree. At the...