2nd Circ. Upholds $4M Fine In Insider Trading Suit

Law360, New York (May 5, 2011, 4:11 PM EDT) -- The Second Circuit on Thursday rejected a couple's bid to overturn a summary judgment ruling and $4.2 million payment order favoring the U.S. Securities and Exchange Commission in its suit accusing them of insider trading in a biotechnology company's stock.

In its summary order, a three-judge panel affirmed a New York district court’s ruling against Shane Suman and his wife, Monie Rahman, for "substantially the same reasons" the lower court set out in its "thorough and well-reasoned" decision.

The lower court issued its February 2010 order...
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