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IBM Insider-Trading Pleas May Be Tossed Over Landmark Ruling

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Four men who admitted trading on insider information on IBM Corp.’s $1.2 billion purchase of SPSS Inc. may have their guilty pleas thrown out by a judge in the wake of a landmark appeals court ruling that made such prosecutions tougher.

U.S. District Judge Andrew Carter questioned the pleas during a series of hearings today in federal court in Manhattan, citing the decision by the U.S. Court of Appeals in New York last week to throw out key convictions in a seven-year probe of market manipulation.