Hunton Atty's Drunk Remark Not Insider Trading, Court Hears
By Max Stendahl
Law360, New York (December 2, 2013, 7:02 PM ET) -- One of two men accused by the U.S. Securities and Exchange Commission of trading on inside information acquired from Hunton & Williams LLP drug patent attorney Robert Schulman suggested Monday that he cannot be held liable because Schulman was allegedly drunk at the time of the disclosure.
Michael Shechtman’s counsel at Sallah Astarita & Cox LLC unveiled the unusual defense in a Florida federal court filing. The SEC’s Sept. 20 complaint alleges a wine-drinking Schulman revealed information about a pharmaceutical client’s proposed merger to his investment...