Securities & Exchange Commission v. Payton

OPINION AND ORDER

JED S. RAKOFF, UNITED STATES DISTRICT JUDGE.

In February 2016, Daryl M. Payton and Benjamin Durant, III stood .trial on insider trading charges brought by the Securities and Exchange Commission (“SEC”). The SEC alleged that in 2009, defendants Pay-ton and Durant traded on material, nonpublic information about IBM’s pending acquisition of SPSS, Inc. (“SPSS”). See *348Amended Complaint, Dkt. 32, ¶ 1. On February 29, 2016, the jury held both defendants liable. See Verdict, Dkt. 136. During the trial, the issue arose of whether M r. Payton gave trial testimony that materially…