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SHERIFF OF WALL STREET: We're no longer able to bring certain insider trading cases

US Attorney Preet Bharara, often called the '"Sheriff of Wall Street," in December gave up on a big insider trading case

That was the direct result of an earlier, successful appeal against the SEC's case against Diamondback Capital Management's Todd Newman and Level Global fund manager Anthony Chiasson.

The US Supreme Court in October refused to review that ruling, marking the end of a lengthy legal battle and what some consider to be a shift in the law.  

On Friday, CNBC's Andrew Ross Sorkin interviewed Bharara. He asked him whether the Supreme Court ruling in the Newman case had made it harder to bring an insider trading case. 

He started out by saying that he thought the Newman decision was wrong and changed the law, and that some kinds of cases will still be able to be bought as they were before.

 

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