Deutsche Bank AG salesman Jon-Paul Rorech didn’t illegally disclose information on a bond sale to a hedge-fund manager, a judge ruled in U.S. regulators’ first lawsuit alleging insider trading of credit-default swaps.
Goldman Sachs Group Inc. has signaled it will fight a U.S. lawsuit over subprime mortgage instruments the same way Bank of America Corp.’s Merrill Lynch unit and UBS AG have challenged similar claims -- by invoking the concept of caveat emptor: Latin for buyer beware.
Deutsche Bank AG salesman Jon-Paul Rorech broke no law by giving a hedge-fund manager information on a bond sale, his lawyer said as U.S. regulators’ first trial alleging insider-trading of credit-default swaps came to a close.
Mark Fedorcik , Deutsche Bank AG ’s global head of leveraged-debt capital markets, shared information about a 2006 bond issue with potential investors in the normal course of figuring out how to structure the deal, he testified.
Jon-Paul Rorech , a Deutsche Bank AG salesman accused in U.S. regulators’ first case alleging insider-trading of credit-default swaps, testified he didn’t know a company’s swaps were on the bank’s restricted list when he took an order for them.