Posted Jun 14, 2007 07:55 pm CDT
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.