Bloomberg News reports that a Manhattan federal judge on Friday granted the dismissal of the U.S. Securities and Exchange Commission’s insider-trading lawsuit against Steinberg following an October decision by federal prosecutors to abandon the criminal case against him.
For Steinberg, who was the longest-serving employee at SAC Capital to be convicted in the U.S. probe of insider trading, the dismissal is the final victory in his years-long battle against the U.S. government. He was found guilty in 2013 of an insider scheme involving tech stocks and sentenced to 3 1/2 years in prison. After a federal appeals court reversed the convictions of two fund managers in a related case, the government in October dropped charges against Steinberg as well as six other men who pleaded guilty and cooperated in the case.
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