Attorneys delivered closing arguments Monday in a two-week trial that focused on whether former chief executive officer James McDermott violated the separation between Keefe, Bruyette & Woods’ investment advisory business and its bank merger and acquisition practice.

The government said Mr. McDermott, 48, passed confidential and material information about bank mergers to his mistress within minutes of receiving information about them from the firm’s M&A division. His attorneys, from Davis Polk Wardell, said the information was not confidential at all; they said Mr. McDermott’s tips were based on information easily available from Keefe and other investment firms.

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