NEW YORK: Lawyers for two former Wall Street stockbrokers urged jurors on Feb 16 to reject a US regulator's claims they illicitly traded on a tip about an IBM Corp deal, saying their conduct did not constitute illegal insider trading.
At the start of a trial in Manhattan federal court, lawyers for ex-Euro Pacific Capital Inc brokers Daryl Payton and Benjamin Durant admitted they traded on non-public information about IBM's 2009 acquisition of SPSS Inc for US$1.2bil (RM5.06bil).
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