SAC Fund Manager Steinberg Can Challenge Insider Conviction
Michael Steinberg, a former fund manager with SAC Capital Advisors LP, arrives at federal court for a sentencing hearing in New York, on May 16, 2014.
Photographer: Peter Foley/BloombergThis article is for subscribers only.
Former SAC Capital Advisors LP fund manager Michael Steinberg can go ahead and challenge his insider-trading conviction.
Steinberg’s case was held up while a federal appeals court considered a bid by two fund managers to toss their convictions on essentially the same evidence. The court threw out those verdicts, rejected the government’s appeal Friday and on Monday lifted the hold on Steinberg.