Seven traders and lawyers on Tuesday pleaded not guilty in an insider trading case involving the Galleon hedge fund.

The pleas were made before Manhattan federal court Judge Richard Sullivan in response to an indictment unsealed on January 21, according to Reuters. The defendants were charged with securities fraud and conspiracy to commit securities fraud.

The defendants pleading today were former stock trader and founder of Incremental Capital Zvi Goffer, his brother Emanuel Goffer, Michael Kimelman, David Plate. Two lawyers pleading were Arthur Cutillo formerly of Ropes & Gray LLP and Jason Goldfarb, who belonged to New York law firm.

Tort Law