Law360, New York (February 4, 2014, 7:22 PM EST) -- An Illinois federal jury has rejected the the Securities and Exchange Commission’s insider trading case against several former Florida East Coast Industries Inc. employees, representing another trial defeat for the commission, which has suffered several high-profile losses in recent months.
Following a nine-day trial, an eight-person jury on January 27 declined to find Rex C. Steffes and his three sons — Cliff M. Steffes, Bret W. Steffes and Rex R. Steffes — liable for violating federal securities laws when they purchased securities of Florida East Coast Industries Inc. prior to a May 8, 2007, announcement that the company was being acquired...
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