BofA Didn’t Have Block Trade Mandate at Time of Segantii Calls

Bank of America Corp. didn’t have a mandate to work on a block trade in Esprit Holdings Ltd. when it had phone calls with Segantii Capital Management to discuss the deal, a prosecution witness said during the hedge fund’s trial for insider trading.

Anshul Trivedi, a former equities sales trader at the Wall Street bank, spoke during three days of questions by lawyers. They are scrutinizing a nine-year-old transaction that derailed the career of Simon Sadler, a hedge fund manager once known as Asia’s “block trade king.”