"A federal appeals court decided to leave in place a ruling that restricts the scope of insider-trading prosecutions, setting the stage for additional convictions to be overturned. The Second U.S. Circuit Court of Appeals in New York on Friday rejected Manhattan U.S. Attorney Preet Bharara’s request to rehear the case, which had upended the Justice Department’s pursuit of insider trading on Wall Street. That refusal gives a boost to defendants like former SAC Capital Advisors LP portfolio manager Michael Steinberg and others who are challenging insider-trading convictions." Full article »