Will Preet Bharara Take His Insider-Trading Smackdown to the Supreme Court?

For months, hedge fund managers and traders have been wondering whether U.S. Attorney Preet Bharara would ask the Supreme Court to consider an appeals court ruling that could taint his legacy as the policeman of Wall Street. The deadline for Bharara to make a decision was July 2. But in a sign of how complex that decision is, the solicitor general just requested that it be extended to Aug. 1.

In a court filing submitted to Justice Ruth Bader Ginsburg, Solicitor General Donald Verrilli Jr., who would be making the request on Bharara's behalf, said that he has "not yet determined" whether to ask the Supreme Court to hear the case. He writes: "The additional time sought in this application is needed—in light of the heavy press of matters assigned to the attorneys in this Office responsible for this case—to complete consultation with interested agencies and components, and to assess the court’s ruling."