UPDATE 1-U.S. prosecutors lose bid to reverse major insider trading ruling

April 3, 2015 3:51 PM

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NEW YORK, April 3 (Reuters) - A U.S. appeals court on Friday rejected a request by federal prosecutors to reconsider a major ruling that curtailed their ability to pursue insider trading cases and jeopardized several convictions.

The 2nd U.S. Circuit Court of Appeals in New York denied a petition by prosecutors to grant a rehearing in the case of hedge fund managers Todd Newman and Anthony Chiasson, who in December won the reversal of their insider trading convictions.

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