Deutsche Bank’s Rorech Wins First SEC Swap Insider-Trading Suit
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Deutsche Bank AG salesman Jon-Paul Rorech didn’t illegally disclose information on a bond sale to a hedge-fund manager, a judge ruled in U.S. regulators’ first lawsuit alleging insider trading of credit-default swaps.
U.S. District Judge John G. Koeltl in Manhattan ruled yesterday there was no evidence that Rorech and Renato Negrin, a former Millennium Partners LP portfolio manager, violated laws against insider trading. Information exchanged by the pair in telephone calls, presented by the Securities and Exchange Commission as evidence, wasn’t confidential, Koeltl said.