Chilean National Secures Dismissal with Prejudice of SEC Insider Trading Lawsuit

October 22, 2015

Cleary Gottlieb won dismissal with prejudice of the SEC’s insider trading lawsuit against Tomás Andrés Hurtado Rourke. The SEC sued Mr. Hurtado and Juan Bilbao Hormaeche in U.S. District Court for the Southern District of New York, alleging Mr. Hurtado and Mr. Bilbao had engaged in illegal insider trading activities in American depositary shares of CFR, a Chilean pharmaceutical company, based on Mr. Bilbao’s insider knowledge of a confidential tender offer. The SEC sought disgorgement of profits and financial penalties.

The SEC filed a notice of dismissal with prejudice of all claims against Mr. Hurtado on October 22, 2015.