Read The Recorder‘s roundup of the stock-option backdating scandal. There won’t be a test later … but there might be a subpoena.

“For securities fraud to exist, there must be fraud,” Marmaro wrote. “For ‘fraud,’ there must be a victim and a materially false statement. Here, there is neither.”

The motion included hundreds of pages of financial analyses, news stories and formerly privileged internal company documents relating to the expense issue.

After the hearing Wednesday, Marmaro argued that if the summary judgment motion is successful � and Breyer rules in the civil case that there was no material damage to the company � the judge would have to reconsider whether the criminal case should move ahead.

“Who was the victim of this conduct?” Marmaro asked.