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...
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