Overview
As reported by Law360, ex-SAC Capital trader Mathew Martoma argued in court on Friday that key documents from his criminal trial for insider trading charges should not be made available to the plaintiffs in the class action suit brought against him and his former employer. The argument was over Martoma's objections to a July 19 order by U.S. Magistrate Judge Kevin Fox, which had granted the plaintiffs access to documents in the government’s criminal and civil cases against Martoma. In his request to stay the order until his objections could be resolved, Martoma argued that the plaintiffs had not sufficiently shown that they would be unduly prejudiced without the documents. According to Law360, the former SAC trader argued that:
Courts have repeatedly rejected generic assertions by plaintiffs, such as those here, that the stay will impede their "litigation or settlement strategy," or that unless the stay is lifted they will be "the only parties without access to the relevant documents."The case is before U.S. District Judge Victor Marrero.