Hot off the presses and under the radar: E.D.Va. Judge Claude M. Hilton yesterday ordered a rare (perhaps unprecedented) directed verdict against the SEC in favor of an insider trading tippee defendant. (The tippee, though he never traded or profited, settled with the SEC a month before trial, neither admitting nor denying wrongdoing.)
Yes, you read that right – after the SEC rested, Judge Hilton stopped the SEC dead in its tracks. The defendant never even had to present his case and the case never went to the jury.
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