Omega Advisors Founder Can’t Ditch Insider Trading Claims

Law360, New York (March 20, 2017, 6:45 PM EDT) -- A Pennsylvania federal judge on Monday said Omega Advisors Inc. founder Leon Cooperman can still be liable for trading on nonpublic information from a pipeline company executive even if he didn’t pledge not to trade until after the exec passed the tip, denying Cooperman’s motion to dismiss the U.S. Securities and Exchange Commission’s suit.

U.S. District Judge R. Sánchez did grant Cooperman’s motion to dismiss SEC allegations he failed to register as a beneficial owner of eight companies, but declined to dismiss the insider trading claims...
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Case Information

Case Title

SECURITIES AND EXCHANGE COMMISSION v. COOPERMAN et al


Case Number

2:16-cv-05043

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Securities/Commodities

Judge

JUAN R. SANCHEZ

Date Filed

September 21, 2016

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