Wylys' Dismissal Bid Falters In Insider Trading Suit

Law360, New York (March 31, 2011, 8:54 PM EDT) -- A New York federal judge on Thursday denied a bid by Samuel E. Wyly and Charles J. Wyly Jr. to dismiss four claims in a suit brought by the U.S. Securities and Exchange Commission alleging the brothers ran a $550 million securities fraud scheme.

Judge Shira Scheindlin dissected the Wyly brothers’ argument concerning the applicable statutes of limitations and the validity of the SEC’s claims in an opinion issued in the U.S. District Court for the Southern District of New York.

The SEC claims that, from...
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