U.S. lawyer in insider case granted bail

Reuters News
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Posted: Apr 15, 2011 12:29 PM
U.S. lawyer in insider case granted bail

NEWARK, N.J (Reuters) - A corporate lawyer who federal prosecutors say stole merger secrets while working at some of the country's most prominent law firms was ordered released on $1 million bail in his insider trading case on Friday.

Matthew H. Kluger, 50, will be subject to home confinement and electronic monitoring as part of the bail conditions, according to a judge's order in federal court in Newark, New Jersey. He has not yet entered a plea in the case.

Kluger and stock trader Garrett D. Bauer were arrested last week, charged with participating in an insider-trading conspiracy. Prosecutors say the purported scheme spanned 17 years and said on Friday that it had netted at least $37 million in profits, higher than earlier estimates.

(Reporting by Andrew Longstreth; Writing by Martha Graybow; Editing by Lisa Von Ahn)