In his appeal, Gansman said trial judge Miriam Goldman Cedarbaum should have instructed jurors that if he had shared any material non-public information with Murdoch, it was as part of a long “relationship of trust and confidence,” and that he never expected her to trade on the information….. Writing for the 2nd Circuit, Judge Jose Cabranes said Gansman “had the right” to invoke the rule’s language, and “could have been properly acquitted” had jurors agreed with his theory. But he said the actual jury charge was “legally sufficient,” despite making no reference to any duty of trust.
Read more: Ex-E&Y partner’s insider trading conviction upheld — Reuters
