U.S. prepared to drop insider trading charges in IBM deal: filing

U.S. prosecutors said they are prepared to drop charges against five men accused of engaging in insider trading ahead of an International Business Machines Corp acquisition, citing an appellate court ruling that limited the ability of authorities to pursue such cases. In an unusual letter late Wednesday, prosecutors in the office of U.S. Attorney Preet Bharara in Manhattan asked U.S. District Judge Andrew Carter to dismiss the indictment. If Carter does so, Bharara's office could appeal his ruling last week that the December appellate court decision applied to the case.

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