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.
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