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Securities and Exchange Commission v. Payton et al

  1. January 21, 2016

    SEC Looks To Block Text To Ex-Cravath Atty From Trial

    The U.S. Securities and Exchange Commission asked a New York federal court Wednesday to suppress a text message alerting a former Cravath Swaine & Moore LLP attorney to a possible insider trade from the trial of ex-brokers facing civil insider-trading charges over a $1.2 billion IBM acquisition.

  2. January 04, 2016

    Rakoff Says Jury Should Decide What 'Remote Tippees' Knew

    Manhattan U.S. District Judge Jed S. Rakoff has fleshed out reasons for a denial of summary judgment to accused insider-traders Daryl M. Payton and Benjamin Durant III, calling them "remote tippees" who may have known that a colleague who let them in on a pending IBM deal got a personal benefit unlawful under Newman's exacting standards.

  3. October 07, 2015

    Newman Denial Clears Way For IBM Insider Trading Trial

    The trial of two men accused of insider trading around a $1.2 billion IBM acquisition has a new date now that the U.S. Supreme Court has decided against hearing the government's appeal of the landmark Newman case, a New York federal judge has ordered.

  4. September 11, 2015

    IBM Insider Trial Delayed Until Newman Cert Bid Gets Decided

    A New York federal judge on Friday adjourned an upcoming insider trading trial until the U.S. Supreme Court decides whether it will review the landmark Newman decision, and for now escaped questions such as whether beer and video games, of all things, can foster the deep relationships needed to reach the Second Circuit's standard.

  5. September 01, 2015

    Text To Ex-Cravath Atty Kills Insider Case, Traders Say

    Two ex-brokers facing civil insider trading charges over a $1.2 billion IBM acquisition told a federal judge on Monday that a text message to a former Cravath Swaine & Moore LLP attorney undermines the case against them, and that beer and video games alone aren't enough to establish deep friendships.

  6. August 25, 2015

    CORRECTED: SEC Says IBM Insider Trading Case Should Go On

    The U.S. Securities and Exchange Commission told Judge Jed S. Rakoff on Monday that the evidence supports making two former brokers face civil insider trading charges in New York over a $1.2 billion IBM Corp. deal, even in light of the Second Circuit’s Newman decision. Correction: An earlier story incorrectly stated that Benjamin Durant had pleaded guilty to a criminal charge. The error has been corrected.

  7. August 19, 2015

    Ex-Brokers Look To Ctrl+Alt+Delete IBM Insider Trading Case

    Two former brokers fighting civil insider trading charges over a $1.2 billion IBM Corp. deal have pressed a New York federal judge to dismiss the claims, saying the U.S. Securities and Exchange Commission has failed to show any actions that broke the law.

  8. July 08, 2015

    SEC Wants Ex-Cravath Associate To Testify In Trading Case

    The SEC wants permission to grill "tipper zero" in an insider-trading civil case over information regarding an IBM Corp. acquisition, saying the case is doomed without testimony from the former Cravath Swaine & Moore lawyer.

  9. April 07, 2015

    Rakoff Ruling May Help SEC Frame Insider Trading Claims

    A Monday ruling by U.S. District Judge Jed S. Rakoff provides an example of how the U.S. Securities and Exchange Commission's insider trading cases can survive the landmark Newman decision even when parallel criminal proceedings have failed, but the agency still faces a high bar for proving the benefits tippers get for passing along confidential information.

  10. April 06, 2015

    Rakoff Won't Toss Civil IBM Insider Trading Claims

    Two former brokers accused of trading on inside information about a $1.2 billion IBM Corp. acquisition must face civil charges, U.S. District Judge Jed Rakoff decided Monday, saying the men's alleged track-covering behavior supports a suit by the nation's securities regulator even if it doesn't support criminal charges.

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