7th Circ. Nixes Ex-Heartland GC's Insider Trading Judgment

Law360, New York (July 22, 2013, 4:11 PM EDT) -- The Seventh Circuit on Monday reversed a win for the U.S. Securities and Exchange Commission in an insider trading case, ordering a lower court to rule on whether Heartland Advisors Inc.'s former general counsel misused nonpublic information to redeem mutual fund shares.

A three-judge panel said it could not affirm summary judgment in favor of the SEC based on a theory of deception against Jilaine Bauer that was not adequately raised in the lower court and on an opinion that “does not consider that a mutual...
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