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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

A Parallel Universe: Navigating Discovery in Concurrent Civil and Criminal Proceedings

As criminal law has expanded into almost every sector of the American economy, one byproduct is the rise of "parallel proceedings"—lawsuits that proceed concurrently in criminal and civil court based on largely the same...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

"Inside the Courts: An Update from Skadden Securities Litigators - February 2017 / Volume 9 / Issue 1"

We are pleased to present Inside the Courts (Volume 9, Issue 1), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...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

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

Supreme Court Will Weigh Insider Trading, Securities Act Class Action Requirements

In its 2016 fall term, the U.S. Supreme Court will have the opportunity to consider two cases involving securities laws, one of which is already on the calendar for oral argument. The cases concern the “personal benefit”...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

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

Criminal Action is Brought Against Municipal Officials for Fraudulent Bond Disclosure

In what is believed to be the first action of its kind, on April 14, 2016, the U.S. Department of Justice brought a criminal action against municipal officials based on disclosure claims in connection with municipal bond...more

This Week In Securities Litigation

Budget hearings were a focus this week as the Chair of the SEC and Chairman of the CFTC visited Capitol Hill. Both sought substantial increases, requesting more money for technology, inspections and enforcement. While the...more

SEC-USAO Charge Former Fund Principal With Fraud

A former managing principal of Blackstone Group, and a partner at Park Hill Group which raises capital for private equity, was charged by the SEC and Manhattan U.S. Attorney’s Office with fraud. The charges are based on...more

Leader of International Pump-and-Dump Sentenced to 216 Months

The man who orchestrated a large international microcap market manipulation involving at least 34 persons was sentenced to serve 216 months in prison after pleading guilty. Harold Gallison, pleaded guilty to two counts of...more

UK Libor Fraud Supreme Court Appeal Application Blocked

London's Court of Appeal refused leave for Tom Hayes’ application to the UK Supreme Court to appeal his conviction. Mr. Hayes was convicted of eight charges of conspiracy to defraud and initially sentenced to 14 years in...more

This Week In Securities Litigation

This week the SEC brought six actions tied to the failure of a rapidly growing enterprise to maintain the proper internal controls. The agency also brought two proceedings tied to municipal bond offerings and one insider...more

German Cum/Ex-Trades: Enhanced Risks and Industry-Wide Challenges

The German and international financial industries and their advisors have come under new pressure to investigate so-called 'cum/ex' trades conducted between 2000 and 2012. For many years, tax authorities and criminal...more

SEC Prevails in Payton Insider Trading/Tipping Case

The SEC prevailed in its insider trading/tipping case against two New York brokers were Newman and its tipping standard was a key issue. SEC v. Payton, Civil Action No. 14 civ 4644 (S.D.N.Y.). On Monday a jury in New York...more

This Week In Securities Litigation

At SEC Speaks Chair White noted that the SEC is more than a disclosure agency. In areas like exchange regulation financial standards and investment advisers the Commission engages in substantive regulation, suggesting perhaps...more

SEC Partially Settles “Portfolio Manager” Insider Trading Case

The SEC partially settled what is perhaps one of its more unusual insider trading cases. It involved defendants who posed as portfolio managers who then induced investment bankers to entrust them which inside information that...more

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