A former portfolio manager at hedge fund SAC Capital
Management, Mathew Martoma, on Tuesday won more time to prepare for his
insider-trading trial as his lawyers sort through millions of pages of
documents, according to Thomson Reuters.
U.S. District Judge Paul Gardephe granted defense lawyers'
request for another three months to examine what they called the
"incredibly voluminous" production of emails and other documents. Justice
Gardephe scheduled another hearing for June 5, when he said he will likely set
a trial date.
Martoma was indicted in December on counts of conspiracy and
securities fraud related to trades in Elan Corp Plc and Wyeth, which now is
part of Pfizer Inc. Authorities contend
the trades were made on illegal tips that Martoma received from a doctor. Those
trades, prosecutors say in the indictment, enabled CR Intrinsic Investors, one
of SAC Capital's funds, to avoid losses and earn profits of $276 million in
mid-2008…
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