Rakoff Tells Gov't To Dump 'Level Playing Field' Language
Law360, New York (April 16, 2019, 10:53 AM EDT) -- Federal prosecutors walked away Tuesday from a time-honored tactic of telling jurors that the stock market should be a “level playing field,” after Manhattan U.S. District Judge Jed S. Rakoff agreed with counsel for a former analyst on trial for insider trading that such language isn't grounded in reality.
In a morning bench ruling, Judge Rakoff sided with lawyers representing former S&P debt analyst Sebastian Pinto-Thomaz, who argued in a pretrial motion that such language, a fixture in previous insider trading trials, doesn't properly characterize how the stock market works.
They argued that U.S. Supreme Court precedent, including Dirks v. U.S....
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