Sonar Capital Dodges Insider Trading Class Action

Law360, New York (February 8, 2013, 6:23 PM EST) -- A New York federal judge dismissed a class action Friday that accused hedge fund manager Sonar Capital Management LLC, along with a former employee who pled guilty to insider trading, of making $23 million trading Sigma Designs Inc. stock by using nonpublic information.

U.S. District Judge Jed Rakoff dismissed the allegations against Sonar, former Sonar managing director Noah Freeman and Sonar principal Neil Druker in a brief order. A full opinion with his reasoning will be released "in due course," the judge said.

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