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Leon Cooperman Ordered to Trial in SEC Insider-Trading Case

  • SEC sued billionaire investor over trades after phone call
  • Federal judge says SEC advanced “plausible claim” in suit
Bloomberg business news

Cooperman: I Value My Legacy, I've Done Nothing Wrong

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Omega Advisors Inc. founder Leon Cooperman must face a lawsuit brought by the U.S. Securities and Exchange Commission alleging the billionaire investor reaped more than $4 million in illegal profits after conversations with a company insider, a judge ruled in rejecting his request to throw out the case.

U.S. District Judge Juan Sanchez in Philadelphia said Monday that the agency had advanced a “plausible claim for insider trading,” and he pushed the case closer to a trial. Sanchez also dismissed claims that Cooperman failed to file required reports about his beneficial ownership of stocks of eight public companies. The judge scheduled jury selection for November.