SEC Drops Arch Insider Trading Suit Against Swiss Firms

Law360, New York (February 13, 2012, 7:19 PM EST) -- The U.S. Securities and Exchange Commission on Friday moved to drop its suit accusing Swiss investment companies of insider trading ahead of Lonza Group Ltd.'s $1.2 billion Arch Chemicals Inc. purchase, saying it needs additional time to collect evidence.

The agency asked a New York federal judge to dismiss their suit without prejudice against Compania International Financiera SA and Coudree Capital Gestion SA. Separately, the agency also reached a stipulated agreement with co-defendant Chartwell Asset Management Services to dismiss the firm from the suit and immediately...
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