Law firm to pay $92,000 in 'insider trading' suit
A New Jersey patent law firm agreed Wednesday to pay about $92,000 to settle a Securities and Exchange Commission suit that had accused it of using inside information to make money in the stock market.
This was the first suit the SEC had filed against a law firm for "insider trading," a commission spokesman said.
The agreement by the firm of Lerner, David, Littenberg & Samuel of Westfield, N.J., follows two insider-trading court actions last month one decided by the US Supreme Court.
Wednesday's settlement, in which neither the firm nor the six co-defendants admitted or denied guilt, is the latest in some 20 SEC enforcement actions on the issue within a year.