SEC Will Hear SAC Trader Steinberg's Appeal Of Industry Ban

Law360, New York (November 26, 2014, 5:27 PM EST) -- The U.S. Securities and Exchange Commission on Wednesday granted former SAC Capital Advisors LP trader Michael Steinberg's request to hear his appeal of an in-house judge's decision to ban him from the securities industry following his insider trading conviction last year.

The short order gave Steinberg, who once was seen as a key lieutenant to SAC founder Steven A. Cohen, a month to file a brief in support of his petition for review, which in turn will be followed by the agency's brief in opposition, a commission official wrote.

Pursuant to agency rules, "failure to file a brief in support of...

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