Tuesday, April 2, 2013

SAC's Steinberg seeks new judge for insider trading case



Michael Steinberg, the SAC Capital Advisors fund manager who was indicted last week on insider trading charges, has begun his criminal defense with an unusual goal: to find a new judge.

On Friday when Steinberg was indicted, his lawyer Barry Berke asked U.S. District Judge Richard Sullivan to allow the case to be randomly assigned to a new judge.  Berke claimed Sullivan had in a past insider trading case given prosecutors an easier burden to meet compared to rulings by two other judges. He called this a "significant legal issue."

Sullivan said he would "consider" letting Steinberg's case be re-assigned, but hinted that might not happen….

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