2nd Circ. Ends Newman Relationship Test, But For How Long?

Law360, New York (August 23, 2017, 10:43 PM EDT) -- A Second Circuit panel jumped at the chance to flip a key part of the landmark Newman decision Wednesday in upholding the insider trading conviction of SAC Capital Advisors LP manager Mathew Martoma, but experts say the change could be short-lived if the case is reviewed again by the appellate court — or even the U.S. Supreme Court.

Mathew Martoma was convicted in February 2014 and later sentenced to nine years in prison, one of the longest jail terms ever imposed in an insider trading case. (AP) Martoma had argued that the jury instructions in his case were erroneous in light of...

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