Ex-SAC manager Martoma fails to end part of insider case

A federal judge on Tuesday rejected former SAC Capital Advisors LP portfolio manager Mathew Martoma’s request to dismiss some insider trading charges because they were based on transactions not covered under U.S. securities laws. U.S. District Judge Paul Gardephe in Manhattan said Martoma’s alleged trades in American depository receipts of Irish drugmaker Elan Corp (DRX.IR) qualified as domestic transactions covered by U.S. securities laws. As a result, the judge rejected Martoma’s request to dismiss one of two securities fraud charges, as well as related allegations in a conspiracy count. Martoma’s lawyer Richard Strassberg, a partner at Goodwin Procter, declined to comment.


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