March 01, 2016
The U.S. Securities and Exchange Commission's victory Monday in an insider trading trial stemming from a $1.2 billion IBM acquisition allayed fears that the Newman ruling would severely hamstring its enforcement division, but attorneys say the verdict may be vulnerable on appeal.
February 29, 2016
A New York federal jury on Monday found two brokers liable for trading on inside information about a $1.2 billion IBM acquisition in a closely watched test of the U.S. Securities and Exchange Commission's enforcement powers following the Newman appeals court ruling.
February 29, 2016
A New York federal jury began deliberations Monday in a U.S. Securities and Exchange Commission insider trading suit against two brokers stemming from a $1.2 billion IBM acquisition, after a defense lawyer said the case had "massive holes" due to the landmark Newman appeals court ruling.
February 26, 2016
A former Cravath Swaine & Moore LLP associate's unwitting tip about a $1.2 billion IBM acquisition wound up in the hands of two brokers, who traded on the information like it was a winning lottery ticket, a U.S. Securities and Exchange lawyer said Friday at the close of trial in New York federal court.
February 25, 2016
A broker accused by the U.S. Securities and Exchange Commission of trading on inside information about a $1.2 billion IBM acquisition testified in New York federal court on Thursday that he invested in the target company based on "market chatter," without knowing the deal was a sure thing.
February 24, 2016
A New York federal judge overseeing a U.S. Securities and Exchange Commission insider trading trial stemming from a $1.2 billion IBM acquisition said Wednesday that he was considering referring the case to prosecutors for potential perjury charges against one defendant.
February 18, 2016
Jurors in a U.S. Securities and Exchange Commission insider trading suit stemming from a $1.2 billion IBM Corp. acquisition heard prerecorded testimony on Thursday by a former Cravath Swaine & Moore LLP associate who said he disclosed the deal to a friend while griping about his heavy workload.
February 17, 2016
A broker testified in New York federal court on Wednesday that he relayed information about an impending $1.2 billion IBM acquisition to two former colleagues who are now on trial in a closely watched U.S. Securities and Exchange Commission insider trading case.
February 16, 2016
Insider-trading suspects Daryl Payton and Benjamin Durant attacked the U.S. Securities and Exchange Commission's civil case against them Tuesday, telling a New York federal jury that the former Cravath Swaine & Moore LLP associate at the top of a cascade of tips about an IBM merger misled the agency to protect himself at their expense.
February 11, 2016
A jury trial set to begin Tuesday in a U.S. Securities and Exchange Commission insider trading case stemming from a $1.2 billion IBM acquisition could offer clues on how the agency will litigate stock-tipping cases after the Second Circuit's Newman decision, attorneys say.