2nd Circ. Affirms Ruling In WRL Insider Trading Suit

Law360, New York (October 27, 2009, 3:51 PM EDT) -- A federal appeals court has upheld a $273,000 judgment against one of 14 defendants who allegedly traded on inside information ahead of WRL Foods Inc.'s acquisition by Pilgrim's Pride Corp.

Defendant Constantine Stamoulis had argued that the lower court improperly admitted evidence, and that the U.S. Court of Appeals for the Second Circuit should therefore not sustain a finding that he traded on nonpublic information and that he received the information through a breach of fiduciary duty.

Specifically, Stamoulis said the admission of another defendant's testimony...
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