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What’s Next for Leon Cooperman After Supreme Court Decision?
Okay, you're Leon Cooperman, the hedge fund mogul. And the SEC sued your Omega Advisors in September for allegedly making $4 million on shady tips about a pipeline deal - acharge Cooperman has denied.
So, now what's going to happen, following Tuesday’s Supreme Court decision that improper tips from friends and family were enough to meet the standard for insider trading?
The hedge fund mogul’s Omega Advisors could be among the first to feel the heat from that decision. For one thing, a concurrent Justice Department probe - criminal in nature, according to The WSJournal - was put on hold pending the Supreme Court decision, Cooperman said in a September letter to investors.
The decision “expressly overturned” a crucial part of a 2014 case that had all but made impossible cases involving tips from friends - without proof the trader knew the tipster got a benefit, said Matthew Schwartz, with Boies, Schiller & Flexner. Schwartz added, “If you simply know the identity of the insider, that may therefore be sufficient to know what the benefit was.”
