Associate's Failure to Keep Secrets a Cautionary Tale for Young Lawyers

, The Am Law Daily


A former M&A associate at Cravath, Swaine & Moore appears to have unwittingly served as the source of confidential information at the heart of the latest insider-trading case brought by federal prosecutors in Manhattan. Assigned to the deal team advising longtime firm client IBM on its 2009 acquisition of analytics software maker SPSS, the Cravath lawyer shared details about the pending transaction with a friend, who in turn fed them to two former stockbrokers charged Thursday with running an insider-trading scheme that yielded $1 million in illicit profits.

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