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U.S. v. Martoma: The Second Circuit Reconsiders the Personal Benefit Rule in Insider Trading Cases and Announces the Partial...

• A divided 2nd Circuit holds that there is no requirement for a “meaningfully close personal relationship” between a tipper and tippee in order for the tipper to reap a personal benefit from the disclosure sufficient to give...more

Kokesh v. SEC: Supreme Court Reins in SEC’s Powerful Disgorgement Remedy

This week, the Supreme Court in Kokesh v. SEC unanimously held that the Securities and Exchange Commission’s (SEC) equitable disgorgement remedy is subject to a five-year statute of limitations because it is a “penalty”...more

United States v. Salman: Supreme Court Reaffirms “Friends With Benefits” Test In Insider Trading Cases

On December 6, 2016, in an opinion written by Justice Alito, the Supreme Court unanimously affirmed the Ninth Circuit’s decision in Salman v. United States, a closely-watched insider trading tipping case. Salman builds upon...more

Keeping Calm and Carrying On: The EU Market Abuse Regulation

The EU Market Abuse Regulation (MAR), which came into effect across the EU on July 3, is a timely reminder in the aftermath of the UK’s Brexit referendum, that, for the time being at least, the UK remains a member of the...more

U.S. v. Salman

As predicted in this previous AG Deal Diary post, the U.S. Supreme Court has granted certiorari in United States v. Salman, No. 14-10204 (9th Cir. July 6), cert. granted (U.S. Jan. 19, 2016), an important insider-trading...more

Justice Department Updates United States Attorneys' Manual to Emphasize Priority on Prosecuting Individuals in Corporate Criminal...

On November 16, 2015, the U.S. Department of Justice revised the United States Attorneys’ Manual (USAM) to align the principles by which federal government prosecutors investigate and prosecute criminal cases involving...more

Justice Department Issues New Policy Prioritizing Prosecution of Individuals in Corporate Cases

On September 9, 2015, the U.S. Department of Justice issued guidance regarding the prosecution of individuals in cases involving criminal and civil corporate wrongdoing. The first major policy memorandum issued since Attorney...more

Salman v. Newman: The developing standard for insider trading liability

The 9th Circuit just denied rehearing en banc in a closely watched decision that declined to adopt a broad interpretation of its influential sister circuit’s watershed opinion in United States v. Newman, 773 F.3d 438 (2d Cir....more

Loretta Lynch Sworn in as New Attorney General – What’s Next?

Newly confirmed Attorney General Loretta Lynch has made it clear that she plans to get tough on financial crime.  During her confirmation hearing in January, Lynch testified that she “looks forward to taking a very aggressive...more

Southern District Allows SEC Insider Trading Case to Proceed, Distinguishing Newman

A recent decision from the United States District Court for the Southern District of New York allowing a U.S. Securities and Exchange Commission (SEC) civil enforcement action to proceed against two former stockbrokers for...more

Court Of Appeals Reins in Prosecutors in Insider Trading Cases

In a landmark insider trading decision issued on December 10, 2014, the U.S. Court of Appeals for the 2nd Circuit made important pronouncements favorable to the defense on two recurring and important legal issues: (1) what is...more

SEC Chair Describes Sweeping Initiatives To Reform Market Structure And Increase Transparency

In a speech delivered on June 5, 2014 at the Sandler O’Neill Global Exchange and Brokerage Conference in New York, U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White unveiled a package of SEC initiatives aimed...more

SEC Issues $14 Million Whistleblower Award

Just last week the SEC issued its largest whistleblower payment to date, awarding an unidentified whistleblower more than $14 million for providing information to the SEC that led to an enforcement action and the recovery of...more

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