N.Y. stockbrokers' trades on IBM deal tip not illegal, jurors told

By Nate Raymond NEW YORK (Reuters) - Lawyers for two former Wall Street stockbrokers urged jurors on Tuesday to reject a U.S. regulator's claims they illicitly traded on a tip about an IBM Corp deal, saying their conduct did not constitute illegal insider trading. At the start of a trial in Manhattan federal court, lawyers for ex-Euro Pacific Capital Inc brokers Daryl Payton and Benjamin Durant admitted they traded on non-public information about IBM's 2009 acquisition of SPSS Inc for $1.2 billi