Wyly Brothers Attack SEC Fraud Suit In Dismissal Bid

Law360, New York (October 29, 2010, 7:08 PM EDT) -- Brothers Samuel E. Wyly and Charles J. Wyly Jr. have asked a federal judge in New York to throw out a U.S. Securities and Exchange Commission fraud and insider trading case claiming they raked in over $550 million in undisclosed gains by trading stock in public companies while sitting on their boards.

The Wyly brothers filed their motion to dismiss in the U.S. District Court for the Southern District of New York on Thursday.

The Wylys argued that several of the commission's principal claims are defective...
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