Supreme Court declines to hear major insider trading case

The U.S.Supreme Court on Monday rejected a U.S. Justice Department bid to restore the insider trading convictions of two hedge fund managers and reverse a lower court's ruling that prosecutors contend will make it harder to bring such cases.

In a blow to the government, the justices left in place a December ruling by the 2nd U.S. Circuit Court of Appeals in New York that threw out threw out the 2012 convictions of hedge fund managers Todd Newman and Anthony Chiasson for engaging in a scheme involving tips about Dell Inc and Nvidia Corp.