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SEC Can't Get Ex-Analysts' Passwords In Insider Trading Suit

Law360, New York (September 23, 2015, 10:30 PM EDT) -- Two former Capital One employees accused of stock fraud can withhold their smartphone passwords from the U.S. Securities and Exchange Commission, a Pennsylvania federal judge ruled Wednesday, setting back the regulator's pursuit of claims that the fraud analysts repurposed secret credit-card transaction data to play the stocks of large retailers.

The SEC has accused Bonan Huang and Nan Huang, Capital One Financial Corp. employees until January, of accessing highly confidential credit-card transaction data to deduce whether a given retailer's sales were rising or falling, and of...
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