UAE Investors Dodge SEC's $3.7M Insider Trading Suit

Law360, New York (September 16, 2015, 4:23 PM EDT) -- Two investors from the United Arab Emirates scored a victory on Tuesday when the U.S. Securities and Exchange Commission agreed to drop a $3.7 million suit in New York federal court accusing them of insider trading in a pharmaceutical company's stock.

U.S. District Judge J. Paul Oetken on Wednesday signed off on a stipulation filed by the SEC together with Dhia Jafar and Omar Nabulsi, saying the agency agreed to dismiss the suit accusing the investors of reaping $3.7 million in an insider trading scheme involving Onyx Pharmaceuticals Inc. stock. The order approving the stipulation, which also releases $2.55 million of...

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