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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