The Securities and Exchange Commission won its jury trial against former Goldman Sachs & Co. trader Fabrice Tourre pretty handily in August. But the jurors did clear Tourre on one of the seven counts he faced—an allegation that he committed civil securities fraud through direct misstatements to investors. Now Tourre’s defense lawyers, Pamela Chepiga of Allen & Overy and solo practitioner Sean Coffey, contend that the SEC’s case should have unraveled on that single failed claim.
That’s the central argument in Tourre’s motion for judgment in his favor or a new trial, filed on Monday in the Southern District. The jury’s Aug. 1 findings for the SEC, wrote Chepiga and Coffey, “are so contrary to the weight of the evidence that it would work a manifest injustice to Mr. Tourre if they were permitted to stand.”
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