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

Leon Cooperman
Scott Mlyn | CNBC
Leon Cooperman

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.

Speaking to CNBC, Cooperman said: "I look forward to going to trial to prove my innocence. As I've said all along, there's no case of insider trading here."

—CNBC's Scott Wapner contributed to this report.