Sweeping Insider Trading Defeat for Bharara Upheld
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A sweeping ruling making it harder for the government to win insider-trading prosecutions survived a challenge by the U.S. attorney who made his name bringing dozens of such cases.
A federal appeals court on Friday rejected Preet Bharara’s request to reconsider its Dec. 10 decision throwing out guilty verdicts of two fund managers. In doing so, it placed some of the Manhattan prosecutor’s biggest victories, including the conviction of SAC Capital Advisors LP’s Michael Steinberg and at least nine others, in jeopardy.