David Laigaie discusses insider trading trial involving former Fox Rothschild real estate partner (Law360)
February 3, 2016
David Laigaie was quoted earlier this week in the Law360 article “Ex-Fox Rothschild Atty’s Trading Trial Hangs On Deal Reports,” regarding an insider trading trial that began Tuesday in Philadelphia. Former Fox Rothschild LLP real estate partner Herbert Sudfeld was slapped with a four-count indictment in July after purchasing 3,000 shares of Harleysville Group Inc. days prior to its merger with Nationwide Mutual Insurance Co. Prosecutors in the trial aim to prove that Sudfeld used confidential information about the firm’s work — and not press reports regarding rumors — to trade ahead of the $760 million insurance industry merger.
“You have this strange situation where there’s a lot of information about the merger in the press, Sudfeld apparently knew more than somebody reading the newspaper, but how much more he knew and whether it was material enough is a question,” Law360 quoted Laigaie.
The full article is available online to Law360 subscribers.