UPDATE 1-U.S. Supreme Court rejects insider trading appeal brought by SAC's Martoma [Reuters]
Perrigo Company plc Ordinary Shares (PRGO)
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Source: Reuters
Supreme Court rejects insider trading appeal brought by SAC's Martoma - Reuters 2 Min Read WASHINGTON (Reuters) - The U.S. Supreme Court on Monday rejected an appeal by Mathew Martoma, a former portfolio manager for billionaire Steven A. Cohen, challenging a conviction for insider trading. The Supreme Court left in place a June 2018 ruling by the New York-based 2nd U.S. Circuit Court of Appeals, which found there was enough evidence to establish Martoma’s guilt despite defective jury instructions in the trial. Martoma had worked at the CR Intrinsic Investors unit of Cohen’s SAC Capital Advisors LP. At issue in the appeal was whether the prosecution must prove insider trading by showing that the individual who supplied a tip sought personal gain or intended to confer a benefit to someone else. The 2nd Circuit had upheld Martoma’s conviction and nine-year prison term in August 2017, but in a modified ruling almost a year later withdrew its prior finding that the jury instructions were “
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