SAC Manager Can't Escape Charges Involving Foreign Stocks

Law360, New York (December 17, 2013, 8:50 PM EST) -- A New York federal judge denied a bid by former SAC Capital Advisors LP portfolio manager Mathew Martoma, who's facing insider trading charges connected to an Alzheimer's treatment, to toss allegations involving a certain class of foreign-based securities, finding Tuesday that U.S. securities law still applies to those trades.

U.S. District Judge Paul G. Gardephe held that pursuant to the U.S. Supreme Court’s ruling in Morrison v. National Australia Bank Ltd., the Securities Exchange Act of 1934 is applicable to Martoma’s trades of Elan Corp PLC’s...
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