Stifel Blasts SEC Bid To Limit Ex-Agency Director's Testimony

Law360, New York (August 16, 2016, 6:21 PM EDT) -- A Stifel Financial Corp. unit urged a Wisconsin federal judge Monday to deny the U.S. Securities and Exchange Commission’s bid to limit the testimony of a former agency official in an upcoming trial over the unit’s sale of $200 million in risky collateralized debt obligations.

The SEC had asked the court to limit the testimony of Erik Sirri, a former SEC division of trading and markets head, who suggested in January that Stifel Nicolaus & Co. Inc. reasonably believed the securities it peddled to a group of five school districts were low-risk. Stifel on Monday said that Sirri’s testimony is relevant...

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