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The U.S. Securities and Exchange Commission has decided to drop a lawsuit accusing two Dubai men of insider trading in Onyx Pharmaceuticals Inc while the cancer drugmaker was mulling a takeover bid by Amgen Inc. Without explanation, the SEC asked U.S. District Judge Paul Oetken in Manhattan to dismiss its…

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Patrick J. Smith, co-chair of the white-collar practice at DLA Piper,told The Wall Street Journal that prosecutors “took insider-trading law and applied it to garden-variety research techniques—and criminalized behavior the trading community had long considered to be lawful.” The message sent by the Second U.S. Circuit Court of Appeals was…

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