Investment banker James J. McDermott Jr. had nothing to gain and no motive for passing inside information on pending bank mergers to his lover, his lawyer said Monday during opening statements in his criminal trial at U.S. District Court in Manhattan.
McDermott’s attorney, Scott Muller of New York’s Davis Polk & Wardwell, told the jury in Judge Kimba Wood’s courtroom that his client gave dancer and Internet porn star Kathryn B. Gannon only public, non-material information, and then voluntarily confessed that fact to board members at his former firm Keefe, Bruyette and Woods.
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