Court Rejects Government's Plea For Second Look At Damaging Insider-Trading Decision

April 3, 2015 6:07 PM

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The Second Circuit Court of Appeals in New York has rejected the Justice Department’s request to rehear a case that severely damaged the government’s ability to prosecute insider trading at hedge funds where the person making a trade is several steps removed from the source of the information.

The influential court of appeals refused to revisit the sweeping ruling it handed down in December throwing out the 2013 convictions of Todd Newman and Anthony Chiasson, the New York Times reported. That decision held that Newman and Chiasson couldn’t be convicted of insider trading unless they knew...

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