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...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.