Last August, the U.S. Court of Appeals for the Second Circuit handed down a significant, if controversial, insider trader decision that found its own precedent was no longer good law. On Monday, that same divided panel came back with an amended decision that walked back some aspects of the majority’s previous declaration—but not enough to keep Circuit Judge Rosemary Pooler from continuing her dissent.
The revised ruling in United States v. Martoma saw Chief Judge Robert Katzmann and Circuit Judge Denny Chin making notable changes to their previous opinion. The appeal, by former SAC Capital trader Mathew Martoma over his conviction on multiple counts of securities violations, rested on the U.S. Supreme Court’s decision in the now-landmark Salman v. United States.
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