Bad Faith Not Required To Break J&E Rule: 2nd Circ.

Law360, New York (November 5, 2009, 1:21 PM EST) -- A federal appeals court has upheld the New York Stock Exchange LLC's $100,000 fine against a former JPMorgan Securities Inc. investment banker for passing along confidential merger information to an employee at Bank of America Corp., where he was scheduled to take a job after the merger.

The U.S. Court of Appeals for the Second Circuit on Wednesday denied Thomas W. Heath III's appeal of a decision in the U.S. Securities and Exchange Commission upholding the $100,000 fine.

Heath was fined in March 2007 for violating...
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