Spanish trader wins dismissal of SEC’s Potash case

A Spanish trader won dismissal of a U.S. Securities and Exchange Commission lawsuit accusing him of insider trading in Potash Corp of Saskatchewan Inc before the Canadian fertilizer company became the target of a $38.6 billion unsolicited takeover….

“The SEC theorizes that Sanchez was informed of some unidentified information related to the proposed acquisition, at an unidentified time, by an unidentified insider, and traded on this unidentified information,” [U.S. District Judge Marvin Aspen] wrote. “This chain of speculation does not raise a material issue of fact for consideration by a jury.”

via Spanish trader wins dismissal of SEC’s Potash case.