SEC Denied Quick Win In IBM Insider Trading Case

Law360, New York (November 4, 2013, 9:05 PM EST) -- A New York federal judge on Monday said a trial is necessary in a U.S. Securities and Exchange Commission insider trading case against a broker accused of trading ahead of a 2009 IBM Corp. deal, denying the SEC’s motion for summary judgment.

U.S. District Judge Jed S. Rakoff said lawyers for ex-broker David J. Weishaus had raised factual questions that would have to be resolved at trial. The judge said he would explain his reasoning later.

The SEC claims that Weishaus, a former broker at Westport,...
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