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.

Bid to dismiss insider deal charge
Wed, 10 Jul, 2013 - 01:00
Patricia Hurtado

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.

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