A former lawyer convicted of insider trading will not have to pay a civil penalty, a federal appellate court has ruled.

The U.S. Court of Appeals for the Second Circuit overturned civil penalties imposed on former Thacher Proffitt & Wood associate Amir Rosenthal and his brother, Ayal Rosenthal, formerly of PricewaterhouseCoopers, who were part of a conspiracy run by their father, Zvi Rosenthal, that traded on inside information on corporate deals.

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