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.
