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U.S. Asks Supreme Court to Review Insider Trading Ruling

Publisher: NY Times
Author: Alexandra Stevenson

The Justice Department asked the Supreme Court on Thursday to review a court ruling that sharply narrowed the definition of insider trading.

Donald B. Verrilli Jr., the solicitor general, filed a petition with the Supreme Court to examine the ruling by a three-judge panel in a federal appellate court in December that overturned the convictions of two hedge fund managers, Anthony Chiasson and Todd Newman, and threatened to undermine a number of other convictions.

The ruling was a major setback for Preet Bharara, the United States attorney in Manhattan, who secured more than 80 convictions in a widespread, multiyear crackdown on insider trading on Wall Street. It threatens to reverse many of the convictions and pleas secured by Mr. Bharara’s office.

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