The Supreme Court hasn’t yet said whether it will hear arguments in its current term, which runs through the end of June, or wait until the nine-month term that starts in October.
Bharara, who declined to comment for this story, has called the Newman decision a “bonanza” for executives and fund managers leaking inside information, providing an “obvious map for unscrupulous investors.”
Michael Kimelman and his co-defendant, former Galleon Group LLC trader Zvi Goffer, are both challenging their insider- trading convictions, noting the judge in their case is the same one who was reversed in the Newman decision. Tai Nguyen, who was convicted of passing tips to a former SAC Capital Advisors fund manager, has also asked for a review of his case.
“The more clarity there can be the better off defendants will be and people hoping never to be defendants will be,” said Greg Morvillo, Chiasson’s lawyer. “People on Wall Street deserve a bright line to know if they’re crossing it.”