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Securities Law

Lawyer Settles Insider Trading Case

Posted Jun 14, 2007 2:55 PM CDT
By Debra Cassens Weiss

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The former managing partner of Katten Muchin Rosenman’s office in Washington, D.C., has settled a case alleging he bought stock based on confidential client information.

David Schwinger agreed to return $13,000 in profit and to pay $26,000 in penalties, according to the Washington Post.

The Securities and Exchange Commission alleged Schwinger purchased stock in Vastera, a company that helps track international shipments, after learning it may merge with J.P. Morgan Chase.

He learned the acquisition was imminent when he gave a job interview to the company’s chief counsel, according to an SEC press release.

Schwinger did not admit or deny the allegations.

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