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Insider Trading Trending

This winter has seen insider-trading trending – and not just because President Trump pardoned Michael Milken.  In sequence, several legislative proposals have been working their way through Congress, the Second Circuit...more

Martoma: Second Circuit Abrogates Newman, Broadens Dirks

A Second Circuit Panel held that the Supreme Court’s Salman decision abrogated the Circuit’s Newman requirement of a “close personal relationship” under the “gift theory” of insider-trading; the dissent claims the Panel...more

Split Commission Can't Reverse Insider-Trading Dismissal

Trader Joseph Ruggieri finally prevailed last week, when SEC Commissioners Stein and Piwowar split on whether Enforcement proved his four trades (in 2010-2011) were made on inside information....more

Supremes Reaffirm Dirks Gifting Theory of Insider Trading; Limit Newman

A unanimous Supreme Court reaffirmed the “gifting” theory of insider trading under Dirks and rejected Newman “to the extent” it required more. The Court’s long-standing rule in Dirks v. SEC, 463 U.S. 646, 664 (1983)...more

2nd Circuit Narrows Scope of Tippee Liability for Insider Trading

The US Second Circuit this Wednesday narrowed the scope of “tippee” liability for insider trading, rejecting the “doctrinal novelty” of recent government prosecution theories. In United State v. Newman, Nos. 13-1837-cr c/w...more

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