That surely came as no surprise to prosecutors in Bharara’s office. Letters from prosecutors to the judge indicate that they were upset that she did not let the insider trading counts go to the jury rather than take the rare step of dismissing them — a step the prosecutors can’t appeal. In one letter, they complained that she was “effectively directing a verdict for the defence.”
Which raises a question: How might the jury have decided if it was allowed to consider all the evidence? The answer goes far beyond the Rengan Rajaratnam case, and raises some fundamental questions about the state of insider trading laws.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn