SEC Loses First-Ever CDS Insider Trading Action

Law360, New York (June 28, 2010, 4:16 PM EDT) -- A federal judge has let Millennium Partners portfolio manager Renato Negrin and Deutsche Bank AG bond salesman Jon-Paul Rorech off the hook in the U.S. Securities and Exchange Commission’s first-ever insider trading suit concerning credit default swaps.

The SEC set forth no evidence that Rorech either received or shared with Negrin any allegedly confidential information, Judge John G. Koeltl ruled in the U.S. District Court for the Southern District of New York on Friday.

It is “farfetched to think that Mr. Rorech could think that the...
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