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The SEC (P) alleged insider trading against Banca (D) in the purchase and sale of call options from the sale of common stock. The trades in question were made immediately prior to the announcement of a cash tender offer by Seagram for all the common stock of St. Joe at $45 per share which was then traded at $30 per share. The realizes profit was $2 million. Discovery proceedings were instituted, and D was ordered to identify its principals in three days. No disclosure was forthcoming even after repeated attempts and the passage of eight months time. The court ordered disclosure, but D refused and stood behind Swiss banking confidentiality laws. P filed a Rule 37 motion

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