SEC Seeks To Bar Steel Co. Insider Trading Defenses

Law360, New York (January 27, 2012, 6:39 PM EST) -- The U.S. Securities and Exchange Commission on Friday asked a Kentucky federal judge to prevent several defenses from being offered in a suit against Steel Technologies Inc. insiders who allegedly shared and acted on tips about the company's acquisition by Mitsui & Co. Ltd.

Saying that barring affirmative defenses on which the defendants cannot prevail was in the interest of the case's efficiency, the SEC asked Judge John G. Heyburn II not to allow the defendants — four executives and four tip recipients — to argue...
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