Omega’s Cooperman Loses Bid to Dismiss SEC Insider Trading Case

(Reuters) A federal judge on Monday rejected billionaire hedge fund manager Leon Cooperman’s bid to dismiss the U.S. Securities and Exchange Commission’s insider trading case against him and his firm Omega Advisors Inc.

Without ruling on the merits, U.S. District Judge Juan Sanchez in Philadelphia said the SEC “pleaded a plausible claim” that Cooperman and Omega reaped about $4.09 million of profit in 2010 by trading illegally in Atlas Pipeline Partners LP, based on tips from an Atlas executive.

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