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Southern District Of New York Finds That Government Leaks Do Not Warrant Dismissal Of Insider Trading Charges Against Billy...

On March 1, 2017, Judge P. Kevin Castel of the United States District Court for the Southern District of New York denied professional gambler William “Billy” Walters’ motion to dismiss his indictment on charges of insider...more

Supreme Court of Canada Denies Jury Trials for Securities Act Offences

In two recent decisions, R v Peers, 2017 SCC 13 and R v Aitkens, 2017 SCC 14, the Supreme Court of Canada (SCC) held that those accused of securities law offences do not have the right to a trial by jury....more

Insider Trading Conviction Upheld by First Circuit

Salman v. U.S., 136 S.C. 899 (2016) presented issues regarding the personal benefit test and gifting in the context of an insider trading tipping case. Ultimately the High Court focused on the question of gifting material...more

From New York and Delaware Courts, a Double Blow of Bad News for Sergey Aleynikov

Sergey Aleynikov, a former computer programmer at Goldman, Sachs & Co., has been on a legal roller coaster for the past few years. In the span of few days, that roller coaster plummeted steeply—twice. First, on January...more

Fourth Circuit Holds that the False Claims Act Does Not Expand Common Law Corporate Successor Liability

In United States ex rel. Bunk v. Gov’t Logistics N.V., 2016 U.S. App. LEXIS 20481, 842 F.3d 261 (4th Cir. 2016), the Fourth Circuit addressed a successor corporation’s liability for a predecessor corporation’s liabilities...more

Jury Verdict in Declined Civil FCA Action Need Not Bar Criminal Prosecution for Same Conduct

The qui tam provisions of the False Claims Act allow private citizens to file FCA claims on behalf of the government. The government may elect to intervene in the action—or it may not. The United States District Court for...more

Hiding Behind the Privilege – A Cloak or a Dagger?

CCOs face many challenges in their jobs. One area that is difficult but usually can be solved with common sense is where to draw the line on attorney-client privilege issues. As a practicing attorney, I can attest to the...more

DeCoster Rehearing Denied—Food and Beverage Company Executives Face Risks of Prosecution as Responsible Corporate Officers

A recent Eighth Circuit decision that two corporate officers must serve jail time for failing to prevent the distribution of contaminated eggs despite the fact that they did not know the eggs were infected reaffirms...more

Supreme Court Revisits Insider-Trading Liability

Salman reaffirms Dirks and holds that a “gift” of inside information to a trading relative or friend continues to meet the personal-benefit requirement. The Salman Prosecution - In 2011, Bassam Yacoub Salman was...more

The Supreme Court Reaffirms Dirks in Salman

On December 6th, the U.S. Supreme Court handed down its first major decision on insider trading in over 20 years, and affirmed the conviction of Bassam Salman for violations of Section 10(b) of the Securities Exchange Act of...more

Supreme Court Affirms That Pecuniary Benefit Not Required For Family Member Tips, But Declines to Address What Constitutes a...

Yesterday, the United States Supreme Court issued a unanimous, but narrow, ruling in Salman v. United States, regarding criminal tipper/tippee liability for insider trading, which the Supreme Court had not significantly...more

What is a personal benefit? US Supreme Court issues major insider trading decision - key takeaways

On December 6th, Yesterday, the Supreme Court issued its first insider trading decision in more than two decades, Salman v. United States. The decision clarified uncertainty in insider trading prosecutions that arose...more

Government Prevails in Significant Insider Trading Case

On December 6, 2016, the U.S. Supreme Court issued one of its most significant rulings on insider trading in recent years. In its ruling in Salman v. United States, the Supreme Court unanimously upheld Bassam Yacoub Salman’s...more

Supreme Court Opens Pathway To Increased Insider Trading Prosecutions

On Dec. 6, 2016, the U.S. Supreme Court issued its much-awaited decision in Salman v. United States, upholding a “friends and family” insider-trading conviction and effectively overruling the Second Circuit’s decision in...more

Significant Swiss ruling handed down on privilege in anti-money laundering investigations

In a recent judgment, the Swiss Federal Tribunal has ruled that, where a financial institution delegates its investigation and reporting obligations under the Swiss Anti-Money Laundering Act ("AMLA") to external counsel,...more

Insider Trading Before the Supreme Court: Dirks and Salman, Part IV

This is the fourth part of an occasional series examining the issues in Salman v. U.S., No. 15-628, which was argued before the Supreme Court on October 5, 2016. Oral argument in Salman highlighted the themes threaded...more

Focus on Tax Controversy and Litigation - The Unprecedented Extraterritorialization of Tax Crimes

In addition to the discussion of the recently proposed U.K. criminal tax legislation, this month’s issue features articles regarding the Tenth Circuit Court decision in McNeill v. United States discussing a managing partner’s...more

How to Respond To Third Party (Non-Government) Civil Subpoenas And Document Requests That Ask For Personal Information

Litigants in a civil dispute often use subpoenas, subpoenas duces tecum, and discovery requests to obtain personal information about individuals who may not be present in the litigation. A request for documents and...more

Insider Trading Before the Supreme Court: Dirks and Salman, Part III

This is the third part of an occasional series examining the issues in Salman v. U.S., No. 15-628, which will be argued before the Supreme Court on October 5, 2016. Petitioner’s Reply Brief centers on two themes: 1) The...more

A Bitter Pill for Ex-Rite Aid GC: Delaware Court Finds His 2015 Suit for Indemnification Untimely

Remember 2002? That year, A Beautiful Mind won best picture, and the University of Maryland won the NCAA basketball tournament. It is also the year that Rite Aid and its former General Counsel, Franklin Brown, began...more

Government Investigations - How to Respond to a Search Warrant: 10 Practical Steps [Video]

In a highly regulated industry such as health care, it’s not uncommon to be the subject of a government investigation. In-house counsel and leadership must be prepared in advance for the possibility of a search warrant being...more

New Sedona Conference Commentary Recommends Restricting the Reach of Document Requests Directed to U.S. Affiliates of Overseas...

Earlier this month, the Sedona Conference issued the final version of its “Commentary on Rule 34 and Rule 45 ‘Possession, Custody, or Control.’” The Commentary recommends adopting the “legal right” test to analyze the...more

Being a Returned Fugitive from Justice May Not Be the Worst Thing

But don’t flee justice! This is not legal advice to you, but I really don’t mean to recommend avoiding problems with federal prosecutors by going to other countries where it’s hard for those prosecutors to catch up with you....more

Second UK Deferred Prosecution Agreement

The Serious Fraud Office has entered into its second-ever Deferred Prosecution Agreement (DPA) with a corporate. Against the backdrop of the first DPA, entered into with Standard Bank late last year, this second DPA provides...more

Supreme Court Update: Mcdonnell V. United States (15-474) And Voisine V. United States (14-10154

Greetings, Court Fans! Though most of the attention coming out of the final decision day of OT15 has focused on Whole Woman's Health v. Hellerstedt (15-274), where a 5-3 majority held that a Texas law regulating abortion...more

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