The U.S. Securities and Exchange Commission has been granted partial summary judgment in its case against former Simpson, Thacher & Bartlett employee Steven Metro, who faces a $2 million penalty for sharing information about pending mergers and acquisitions involving clients of his firm.
U.S. District Judge Michael Shipp in Trenton granted the SEC summary judgment on counts based on Section 10B of the Exchange Act and on Section 17A of the Securities Act against Metro but denied summary judgment on a count under Section 14E of the Exchange Act. Shipp also denied the SEC’s request for a permanent injunction prohibiting Metro from future violations of securities law.
