Today, federal prosecutors moved to intervene in the SEC’s civil insider trading case against SAC Capital portfolio manager Michael Steinberg, seeking a limited stay of discovery in the SEC action. The government has filed a parallel criminal case against Steinberg based on his alleged insider trading in stocks of Dell and NVIDIA. That case is set for trial in November 2013. Federal prosecutors want to stay deposition and interrogatory discovery in the SEC case until the conclusion of the criminal trial. They based their request, in part, on the need to further the public’s “important interest in ensuring that civil...
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