New York University did not breach its implied contract with a business student by refusing to grant him an MBA degree after he was implicated in insider trading, a federal judge has ruled.

Southern District Judge Lewis A. Kaplan held last week that the faculty of Stern School of Business had the authority to determine that certified public accountant Ayal Rosenthal was not fit to receive a master of business administration degree even though he had paid his fees and completed all the required course work.

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