March 20, 2017 / 9:19 PM / 3 years ago

Omega's Cooperman loses bid to dismiss SEC insider trading case

March 20 (Reuters) - A federal judge on Monday rejected billionaire investor 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 had “pleaded a plausible claim for insider trading.”

The judge also dismissed SEC claims that Cooperman failed to file required reports about his stakes in eight companies.

Omega did not immediately respond to requests for comment. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)

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