Bid to dismiss insider deal charge

A former portfolio manager has urged a US federal judge to dismiss two insider trading charges tied to his firm’s sales of Elan’s US depositary receipts.

Matthew Martoma, who worked for SAC Capital Advisors, is charged with the biggest insider trading scheme in US history.

He yesterday cited a 2010 US Supreme Court ruling, called Morrison v National Australia Bank, that said US laws don’t protect foreign investors who buy stocks on overseas exchanges.