Adviser Wants Out Of Steel Tech Insider Trading Suit

Law360, New York (May 17, 2011, 6:50 PM EDT) -- A commodity trading adviser asked a Kentucky federal court Tuesday to drop him from an insider trading case against Steel Technologies Inc. executives, saying he merely bought stock on a rumor and that regulators were overreaching in their crackdown.

The U.S. Securities and Exchange Commission hit four Steel Technologies executives and four others, including Stephen Somers, with a civil suit in March, accusing them of raking in about $320,000 in illegal profits altogether in an insider trading scheme related to the company's February 2007 announcement that...
To view the full article, register now.




Case Information

Case Title

Securities and Exchange Commission v. Somers et al

Case Number



Kentucky Western

Nature of Suit



John G. Heyburn, II

Date Filed

March 17, 2011

Law Firms


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.