Insider Trading Suit Over Sanofi Deal Stays Alive

Law360, New York (September 28, 2011, 5:03 PM EDT) -- A Georgia federal judge on Wednesday sustained a U.S. Securities and Exchange Commission suit over alleged insider trading connected to the 2009 merger of Sanofi-Aventis and Chattem Inc., finding the commission sufficiently alleged the defendant's improper knowledge of the deal.

In his order, U.S. District Judge Charles Pannell Jr. rejected French citizen Nicholas Patrick Benoit Condroyer's claims arguing that the SEC failed to state a claim under federal law, and challenging the court's jurisdiction over him as a non-U.S. resident and the commission's process by which...
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