Insider Trading

News & Analysis as of

How “Close” is Close Enough? Parties Submit Supplemental Briefing in Martoma in Light of Salman

The Supreme Court’s decision in Salman v. United States, 137 S.Ct. 420 (2016) is already having an effect on the appeals arising out of the insider trading convictions in the Southern District of New York. Shortly after...more

The Insider Trading Cartoon Series, Vol. 13 -- The Barry Switzer Story [Video]

Let's take a stroll back to 1981, when football coach Barry Switzer overheard some information that might have become very profitable. Or would it? It's important to remember that in most insider trading cases, there must be...more

The Insider Trading Cartoon Series, Vol. 14 -- United States v. Newman (Part 1) [Video]

The U.S. Court of Appeals for the Second Circuit shook the insider trading world in 2014 when it issued United States v. Newman, 773 F.3d 438 (2d Cir. 2014). The court addressed the knowledge required for liability of remote...more

Former Equity Portfolio Manager Jailed by UK Court for 12 Months for Insider Dealing

Mark Lyttleton, formerly an Equity Portfolio Manager at BlackRock Investment Management (UK) Limited, was sentenced to 12 months jail (reduced from 18 months) on two counts of insider dealing. Mr. Lyttleton was an Investment...more

Law Firm Data Breaches Demonstrate the Expanding Scope of Cyber Attacks

In a case of “cyber meets securities fraud,” the United States Attorney’s Office for the Southern District of New York (“SDNY”) recently indicted three foreign nationals on charges of insider trading, wire fraud, and computer...more

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

Insider Trading in the E.U. and U.S. Markets – An Ocean Apart?

With increasing momentum towards global regulatory convergence – driven predominantly by G20 commitments – it is noteworthy that some important (and practically significant) distinctions remain between the market conduct...more

In Case You Missed It - Interesting Items for Corporate Counsel - December 2016

As the SEC as we know it labors through its last five weeks, we note the following activities: - Publication last week of 35 CDIs, covering a host of topics, including Regulation S and qualified institutional buyer...more

Three Chinese Citizens Charged with Hacking New York Law Firms

Preet Bharara, the U.S. Attorney for the Southern District of New York announced that three Chinese citizens have been charged for attempting to hack into seven law firms that were involved in mergers and acquisitions, in...more

This Week In Securities Litigation - Holiday Edition

Questions regarding the validity of SEC ALJs continue to be a key focus for SEC enforcement. The Tenth Circuit concluded that the retention of SEC ALJs violated the Constitution’s Appointment Clause, setting up a potential...more

Business Litigation Alert: "U.S. Supreme Court Upholds Broader Reach of Insider Trading Laws – What Does this Mean for...

In December 2016, the U. S. Supreme Court announced its decision in the closely watched insider trading case Salman v. US, ruling that if someone leaks confidential information to a friend or family member with the goal of...more

Insider Trading Law After Salman v. United States

In Salman v. United States, decided on December 6, 2016, the Supreme Court upheld a conviction for criminal violations of insider trading laws. The Court, however, declined to adopt the expansive theories of insider trading...more

Trading and Markets Enforcement Report - January 2017

January 2017 - The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and...more

The Insider Trading Cartoon Series, Vol. XII -- The Innocent Intermediary [Video]

Join us as our heroine Jane gives away a little too much information to her husband Bob, who then seeks legal advice about what he's heard. Bob's lawyer Nikhil gives good advice by telling him to keep a lid on it, but then...more

Indictment Issued in Law Firm Hacks

In what New York’s top federal prosecutor called a “wake-up call for law firms around the world,” three Chinese citizens have been charged with hacking into the servers of two prominent – but unidentified – international law...more

Guilty Pleas to Insider Dealing Charges Brought by the UK Financial Conduct Authority

The Financial Conduct Authority announced that Manjeet Mohal and Reshim Birk had pleaded guilty to three counts of insider dealing at their trial at the Central Criminal Court. Mr. Mohal pleaded guilty to two counts of...more

Corporate Investigations and White Collar Defense - December 2016

Insider Trading: Supreme Court Affirms Salman - Why it matters: On December 6, 2016 the Supreme Court decided Salman v. U.S., in which it upheld the petitioner’s insider trading conviction. The Court found its 1983...more

Salman v. U.S.: More Questions than Answers?

The United States Supreme Court recently rendered a decision in Salman1 resolving a circuit split over whether the government prosecuting an insider trading case must show that the person giving an insider tip received...more

Timely Reminders to Avoid Inadvertent Tipping Liability

Just in time for the annual season of work holiday parties and family gatherings, the United States Supreme Court unanimously confirmed that leaking material non-public information to a close relative who then trades in...more

7 Things You Should Consider To Avoid Criminal Prosecution

In its first insider trading ruling in almost 20 years, the U.S. Supreme Court upheld a ruling by the 9th Circuit Court of Appeals that a person can be held criminally liable for passing inside information to a friend or...more

Is That What Friends (and Family) Are For? Supreme Court Resolves Circuit Split in Insider Trading Case But Questions Remain

A recent Supreme Court decision provides new guidance in the area of insider trading liability without personal benefit, and resolves an existing split between the Ninth Circuit and Second Circuit Court of Appeals. In Salman...more

Supreme Court Confirms Expansive View of Insider Trading

Perhaps the most serious charge that could be leveled against a reader of this blog is that of being engaged in or associated with “insider trading.” The allegation alone is enough to derail or end a promising career. ...more

Unanimous Supreme Court Decision Will Significantly Increase the Ability of Federal Prosecutors to Pursue Certain Insider Trading...

Action Item: Last week, in a unanimous decision in Salman v. U.S., the U.S. Supreme Court affirmed the Ninth Circuit’s interpretation of insider trading rules, permitting prosecutions even when the insider/tipper did not...more

Salman v. U.S.: Supreme Court Resolves Insider Trading Split

On December 6, 2016, the United States Supreme Court affirmed an insider trading conviction in a case where the “insider” obtained no direct pecuniary benefit from the disclosure. Justice Samuel Alito, writing for a...more

Investment Management Update

IRS Issues Proposed Regulations Providing Guidance On The Tax Qualification Of Mutual Funds - On September 27, 2016, the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) that provide...more

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