Bharara, Justice Want Time To Mull Appeal

Dec 16 2014 | 9:46am ET

The U.S. Justice Department needs some time to digest the bitter pill forced on it by a federal appeals court.

Solicitor General Donald Verrilli and Manhattan U.S. Attorney Preet Bharara have asked for an extra month to review the U.S. Second Circuit Court of Appeals ruling, which found that prosecutors must show that those accused of insider trading knew their sources received a personal benefit for revealing the information. The decision overturned the conviction of two former hedge-fund managers, and could imperil several other convictions won over the last seven years by Bharara’s office.

If the Justice Dept. decides to appeal, it could ask the entire Second Circuit to rehear the case, or it could go directly to the U.S. Supreme Court. Without the requested extension, it will have only until Christmas Eve to decide whether or not to appeal.

A lawyer for one of the men cleared last week, Level Global Investors co-founder Anthony Chiasson, said he had agreed to the delay.

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