U.S. judge rejects bid by ex-SAC manager to dismiss part of insider case

A federal judge on Tuesday rejected former SAC Capital Advisors LP portfolio manager Mathew Martoma’s request to dismiss part of the government’s insider trading case against him. Martoma had argued that trades in American depository receipts of Ireland’s Elan Corp (DRX.IR) that are part of the case were “extraterritorial” transactions that were not covered under U.S. securities laws. U.S. District Judge Paul Gardephe in Manhattan rejected Martoma’s request to dismiss one of the two securities fraud counts he faces, as well as related allegations in a separate count alleging conspiracy to commit securities fraud. Martoma is scheduled to go to trial on January 6.

    

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