Orrick White Collar Team Secures Important Ruling in High-Profile Insider Trading Case

Agreeing with the arguments of an Orrick white collar team, a New York federal judge today granted a motion by our client Richard Lee to withdraw a 2013 guilty plea in the closely-watched SAC Capital insider trading case.

Lee, a former portfolio manager for SAC Capital, had been charged with insider trading in the Southern District of New York, and signed a cooperation agreement and entered a guilty plea while being represented by another firm. Our team, led by partner Greg Morvillo, took over representation of Lee on his existing guilty plea in the wake of U.S. v. Newman, a precedent-setting Second Circuit decision establishing the standards for sustaining an insider trading conviction. Greg represented Anthony Chiasson throughout his trial and appeal in the Newman case.

After uncovering evidence demonstrating Lee had not committed insider trading under the Newman decision, we filed a motion to withdraw his guilty plea. U.S. District Judge Paul Gardephe granted the motion based on our arguments.

In addition to Greg, the team representing Lee included associate Caitlin Sikes and former Orrick Of Counsel Savannah Stevenson.