SEC Joins Bharara's Office For Rehearing Of Insider Trading Case

The Securities and Exchange Commission announced Monday it would file an amicus brief in support of the U.S. Attorney for Southern District of New York's attempt at rehearing a key insider trading case. On Friday, the U.S. Attorney for the Southern District of New York Preet Bharara announced he would file for a rehearing and a rehearing en banc, where a case is heard before all judges of a court, of an insider trading case that was overturned by the U.S. Court of Appeals for the Second District last month that said the government must prove that a tippee knew an insider disclosed confidential information in exchange for personal benefit. SEC Chairwoman Mary Jo White had previously criticized the ruling by the court.