Judge Boots SEC's Case Over Investor's Potash Trades

Law360, New York (January 3, 2012, 4:41 PM EST) -- An Illinois federal judge ruled last week that the U.S. Securities and Exchange Commission failed to bring enough hard evidence against a Spanish investor accused of insider trading on Potash Corp. call options just prior to BHP Billiton Ltd.'s failed $43.1 billion bid for the company.

U.S. District Judge Marvin E. Aspen ruled on summary judgment Dec. 28 that the SEC had brought only circumstantial evidence that Luis Martin Caro Sanchez received insider tips regarding BHP Billiton's August 2010 bid for Potash and failed to connect...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities & Exchange Commission v. Fernandez Garcia, et al


Case Number

1:10-cv-05268

Court

Illinois Northern

Nature of Suit

850(Securities/Commodities)

Judge

Honorable Marvin E. Aspen

Date Filed

August 19, 2010

Law Firms

Companies

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.