That Court will be reviewing what jury instruction is given in framing illegal trading. Does the passer-along of insider information have to gain from that activity? Or is it enough to be classifid as illegal trading for the recipient to simply know the information is confidential and was leaked? What could result is some consensus how to define insider trading and what instruction to give to the jury. Here is the coverage in Bloomberg Business Week.
Chiasson and Newman, both former hedge fund honchos, may or may not get off the hook. That isn't what really interests those watching this review. The eyes are on the prosecution, particularly in the Southern District of New York. Will the overturning of the convictions slow it down? That doesn't seem to be in the cards. The Bharara legal team will probably simply regroup around any new understanding of what passing on of information is legal and what is illegal.