U.S. Asks Supreme Court to Reverse Major Insider Trading Ruling

The U.S. Justice Department asked the Supreme Court on Thursday to reverse a federal appellate court's ruling that authorities said limited their ability to pursue insider trading cases.
Solicitor General Donald Verrilli filed a petition seeking review of a December ruling by the 2nd U.S. Circuit Court of Appeals in New York that had reversed the insider trading convictions of hedge fund managers Todd Newman and Anthony Chiasson.
That ruling had marked a major setback for an insider trading crackdown under way since 2009 under Manhattan U.S. Attorney Preet Bharara, whose office during that time brought charges against 96 people.
In the petition, Verrilli wrote that the appeals court decision will "hurt market participants, disadvantage scrupulous market analysts, and impair the government’s ability to protect the fairness and integrity of the securities markets."