Hedge Funds Say 2nd Circ. Scrambled Insider Trading Law

Law360 (February 11, 2020, 3:35 PM EST) -- An industry group representing hedge fund managers urged the Second Circuit to redo its recent decision in U.S. v. Blaszczak, saying the ruling will gum up the markets by creating uncertainty around what constitutes insider trading.

The Alternative Investment Management Association Ltd. filed a proposed amicus brief in the case late Monday. The group supports two former Deerfield Management analysts’ bid to have the court redo a panel’s decision upholding their insider trading convictions.

“While amicus curiae and its members have no sympathy for unlawful insider trading, they are acutely concerned with the need for clarity in the insider trading laws,”...

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