| When an appeals court overturned the convictions of two hedge fund managers last month, the ruling reverberated throughout the legal world and rewrote the government's insider trading playbook. Now, federal prosecutors in Manhattan are disclosing their strategy to reverse the ruling, or at least narrow it."The opinion breaks with Supreme Court and Second Circuit precedent, conflicts with the decisions of other circuits and threatens the effective enforcement of securities laws," prosecutors said in a 25-page petition. Mr. Bharara's filing proposes the legal equivalent of a do-over in a process known as en banc. The process would require every judge on the United States Court of Appeals for the Second Circuit to hear the case. the prosecutors' requests might lay the groundwork for an appeal to the United States Supreme Court. |
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At dealbook.nytimes.com
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