The US Securities and Exchange Commission said it was dropping its civil insider trading case against former SAC Capital Advisors portfolio manager Michael Steinberg in the latest reminder of the government’s suddenly-shaky prosecution of the hedge fund firm.

The SEC's move had had been expected after Manhattan US Attorney Preet Bharara in October moved to dismiss criminal insider trading charges against Steinberg, citing an appeals court ruling that overturned the former fund manager's 2013 conviction.