Omega Advisors founder ordered to face trial in SEC insider trading case
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New York
OMEGA Advisors Inc founder Leon Cooperman must face a lawsuit brought by the US Securities and Exchange Commission alleging that the billionaire investor reaped more than US$4 million in illegal profits after conversations with a company insider, a judge ruled in rejecting his request to throw out the case.
US District Judge Juan Sanchez in Philadelphia said on Monday that the SEC had advanced a "plausible claim for insider trading", and he pushed the case closer to a trial.
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