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Level Global Case Continues to Rewind

Bruce Carton | January 26, 2016

Watching developments in the Level Global insider trading case -- which fell apart after the Second Circuit's landmark decision in Newman resulted in the conviction of its co-founder and another defendant being overturned -- feels like watching a movie rewind.

The most recent news in the case is that on Friday, Level Global asked a federal court to vacate its 2013 settlement with the SEC and return the $21.5 million it paid in disgorgement and penalties for alleged insider trading. Notably, the WSJ reports that the SEC advised the court yesterday that it does not oppose this request to return the $21.5 million and that such a refund is likely. According to the WSJ, this type of refund may be unprecedented. Indeed, it is not even clear who...

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