A pair of heated discovery battles continues to simmer in a securities class action stemming from insider trading at SAC Capital Advisors. For the second time, SAC’s lawyers on Friday sought to shed light on who’s financing part of the plaintiffs case. Meanwhile, Mathew Martoma, the former SAC portfolio manager convicted of insider trading, is fighting to avoid revealing if the hedge fund covered some of his defense costs.
In separate filings Friday, SAC and Martoma sought to undo a June 26 discovery ruling by U.S. Magistrate Judge Kevin Fox. The magistrate judge ordered Martoma to tell the plaintiffs whether SAC indemnified him for defense costs. (Fox didn’t issue a written opinion, so his reasoning is unclear.) At the same time, he refused to force plaintiffs lawyers to disclose details about their relationship with an unknown outside litigation funding firm. The plaintiffs had indicated that they had a funding source in response to an early discovery request from SAC.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
