Judge Spares SEC Suit Against Accused Insider Trader

Law360, New York (March 24, 2014, 6:02 PM EDT) -- A defendant in an insider trading case is likely headed to trial after a Kentucky federal judge on Monday declined to halt the U.S. Securities and Exchange Commission's lawsuit accusing him of sharing confidential information about a merger between Steel Technologies Inc. and Mitsui & Co. Ltd.

U.S. District Judge John G. Heyburn II rejected Stephen Somers' motion for summary judgment, saying the SEC had provided enough evidence to allow it to present its argument to a jury.

“Direct evidence is rarely available in insider trading...
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Case Information

Case Title

Securities and Exchange Commission v. Somers et al

Case Number



Kentucky Western

Nature of Suit



John G. Heyburn, II

Date Filed

March 17, 2011

Law Firms

Government Agencies

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