U.S. Judge defers ruling on dismissal of Cooperman insider trading case

Reuters News
Posted: Feb 07, 2017 11:57 AM

By Suzanne Barlyn

(Reuters) - A U.S. judge in Philadelphia on Tuesday declined to immediately rule on whether to throw out an insider trading case filed by U.S. securities regulators against billionaire hedge fund manager Leon Cooperman and his firm, Omega Advisors.

U.S. District Judge Juan Sánchez, following oral arguments by lawyers for Cooperman and the U.S. Securities and Exchange Commission said he would take the matter "under advisement." In December, lawyers for Cooperman and Omega had filed a motion to dismiss the SEC's case.

(Reporting by Suzanne Barlyn)