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Securities and Exchange Commission v. Payton et al

  1. March 01, 2016

    SEC Scores Precarious Post-Newman Win In IBM Tip Trial

    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.

  2. February 29, 2016

    SEC Wins IBM Insider Trading Trial In Post-Newman Coup

    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.

  3. February 29, 2016

    Jury Begins Mulling SEC Insider Trading Case Over IBM Deal

    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.

  4. February 26, 2016

    Brokers Cashed In On IBM 'Lottery Ticket,' SEC Tells Jury

    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.

  5. February 25, 2016

    Broker Says IBM Deal Was No Lock In SEC Stock Tip Trial

    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.

  6. February 24, 2016

    Judge Mulls Perjury Referral In IBM Insider Trading Trial

    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.

  7. February 18, 2016

    Stressed-Out Cravath Atty Divulged IBM Deal, Jury Hears

    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.

  8. February 17, 2016

    Broker Describes IBM Tipping Chain In SEC Insider Case

    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.

  9. February 16, 2016

    Ex-Cravath Atty Playing SEC, IBM Insider-Trading Jury Told

    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.

  10. February 11, 2016

    SEC To Confront Post-Newman World In IBM Stock Tip Trial

    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.

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