On October 22, the U.S. Attorney for the Southern District of New York, Preet Bharara, announced that his office was dismissing charges against Michael Steinberg, a former trader at SAC Capital who was convicted of insider trading-related charges after trial, along with six other cooperators who pled guilty as part of United States v. Newman and United States v. Chiasson.  In his statement, Mr. Bharara explained that the decision to dismiss the charges followed “the Second Circuit’s Newman decision, and also reflects determinations, after careful consideration of all our prior insider trading prosecutions, that insisting on maintaining guilty pleas in these cases would not be in the interests of justice.”  He added that the prosecutions “were all undertaken in good faith reliance on what this Office and others, including able defense counsel for all those who pled guilty, understood to be the well-settled law before Newman.”