3rd Circ. Won't Scrap Musicland Investor's $31M Disgorgement

Law360, New York (February 10, 2014, 8:01 PM EST) -- The Third Circuit on Monday upheld a jury's finding that a convicted investor and related trust wrongly failed to disclose a material interest in Musicland Stores Corp. prior to a lucrative buyout, denying their request for a new trial and removal of an ordered $31 million disgorgement and interest.

In a suit brought by the U.S. Securities and Exchange Commission, a jury had found that Alfred S. Teo and MAAA Trust violated the Securities and Exchange Act by failing to disclose their ownership in Musicland before...
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