Logo of Merrill Lynch is pictured at a branch in Zurich

U.S. appeals court restores guilty plea in ‘squawk box’ case

NEW YORK (Reuters) – A federal appeals court on Friday said a lower court judge erred in throwing out the guilty plea of a former Merrill Lynch administrative assistant whose testimony helped convict six former brokers and traders for trading illegally based on news from a company “squawk box.”

The 2nd U.S. Circuit Court of Appeals in New York said there were inadequate grounds to vacate the guilty plea of Irene Santiago, who had admitted in 2005 to testifying falsely before a grand jury and agreed to cooperate with investigators.

Friday’s decision reversed a ruling last June by U.S. District Judge I. Leo Glasser in Brooklyn, New York.

(Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum)


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