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Insider Trading

Governance & Securities Law Focus: Europe Edition - April 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

The SEC, Insider Trading and Prosecutorial Obligations

by Dorsey & Whitney LLP on

Proving a close personal relationship between a corporate insider and a trader can be key to establishing illegal tipping. The relationship can support a claim by the SEC or the DOJ that the inside information was transmitted...more

US Supreme Court Intimates That the SEC’s Use of Disgorgement May Be Subject to Five-Year Statute of Limitations

On April 18, 2017, the US Supreme Court heard oral arguments in Kokesh v. Securities and Exchange Commission regarding whether disgorgement ordered by the US Securities and Exchange Commission (SEC) is subject to the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court heard argument this week in a case that may have a significant impact on remedies in SEC enforcement actions. In Kokesh v. SEC the High Court is considering whether the five year statute of limitations it...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In a holiday shortened week the Commission began preparation for argument before the Supreme Court in an action which could have a significant impact on its enforcement program. The question for resolution is whether the...more

False Statements By Money Managers Support California Commodity Law Convictions

by Allen Matkins on

In 1990, California enacted the California Commodity Law, Stats. 1990, Ch. 969, Corp. Code § 29500 et seq. Although this law hasn’t attracted the attention of legal writers, it has some very sharp teeth, as illustrated by...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo’s board not only issued a massive report on its fake account scandal yesterday. It also announced that the bank would claw back an additional $75 million from former CEO John Stumpf and former head of community...more

Gambler Walters Loses in DOJ Insider Trading Trial

by Dorsey & Whitney LLP on

William “Billy” Walters rolled the dice against the Manhattan U.S. Attorney’s Office and lost in a high profile insider trading case. U.S. v. Davis, No. 1:16-cr-00338 (S.D.N.Y. Verdict April 7, 2017). Mr. Walters, a well...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The nomination of Jay Clayton as the next SEC Chairman moved forward in the Senate this week. The Senate Banking Committee approved Mr. Clayton by a vote of 15 to 8 with three Democrats joining the Republicans in the...more

WORD OF THE DAY® – Big Boy Letter [Video]

by Latham & Watkins LLP on

Partner Roland Maass explains the term Big Boy Letter from the Book of Jargon® – European Capital Markets and Bank Finance. The Book of Jargon® – European Capital Markets and Bank Finance is one of a series of practice...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Foreclosure stats are a far cry from their heights in the aftermath of the 2008 economic crisis. But the big news in the industry is the rise of party players that were barely a blip on the scene (if around at all) 10 years...more

District Court Rules That Trader Can Be Liable For Insider Trading On Misappropriation Grounds Even When Information Was Not...

by Shearman & Sterling LLP on

On March 20, 2017, Judge Juan Sanchez of the U.S. District Court for the Eastern District of Pennsylvania denied Defendant Leon Cooperman’s motion to dismiss an insider trading claim brought by the Securities and Exchange...more

Corporate Investigations and White Collar Defense - March 2017

DOJ's New Guidance for Evaluating Corporate Compliance Programs - Why it matters: On February 8, 2017, the DOJ released, to little fanfare, a new guidance document entitled "Evaluation of Corporate Compliance Programs."...more

SEC Obtains Freeze Order In Suspicious Trading Case

by Dorsey & Whitney LLP on

Suspicious trading cases have become a staple of SEC insider trading enforcement. Typically the cases involve outsized trading in advance of a significant corporate event. The only way for the SEC to avoid the possible...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The number of settlements in securities class actions increased last year, according to Cornerstone Research. That fact, along with a finding that the amount of those settlements also increased, is detailed in the firm’s...more

Non-Use Agreement Need Not Precede Disclosure of Confidential Information

A Pennsylvania federal court held yesterday that an agreement not to use confidential inside information for trading purposes need not precede the receipt of that information in order to create liability under the...more

FINRA Dismisses Insider Trading Charges

by Shearman & Sterling LLP on

On March 13, 2017, Financial Industry Regulatory Authority’s (“FINRA”) National Adjudicatory Council (the “NAC”) affirmed a hearing panel’s finding that Matthew Joseph Sheerin, a trader formerly with investment firm Angelo...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission brought two insider trading cases this week, one which is being litigated and another that settled prior to filing. The agency also brought a financial fraud action against five firm executives who essentially...more

SEC Brings Two Insider Trading Cases

by Dorsey & Whitney LLP on

The Commission filed two insider trading cases in the last two days where the person with access to the inside information traded and profited. One case is being litigated in federal district court. SEC v. Alpert, Civil...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As anticipated (and hinted-at forcefully by its officials), the Fed raised the benchmark interest rate yesterday to a range nearing 1 percent, a move that signals the slow end to the body’s nine-year stimulus effort....more

The Financial Report, Volume 6, Number 5

by DLA Piper on

Discussion and Analysis Last week, the SEC’s Office of the Investor Advocate announced that it will host an “Evidence Summit” to discuss strategies for raising retail investors’ understanding of critical investment...more

Why Bassam Salman Should Not Have Been Convicted

by Allen Matkins on

A lot of ink has been spilt on the United States Supreme Court’s decision in Salman v. United States, 137 S. Ct. 420 (2016). In that case, the Supreme Court upheld the criminal conviction of Mr. Bassam Salman who received...more

SEC Speaks: 2017 Enforcement and Exam Trends for Private Funds

At the recent SEC Speaks program, sponsored by PLI, senior SEC staff members provided valuable insight into the SEC’s 2017 priorities for private funds. While the tenor of this year’s discussion seemed to focus more on...more

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

by Shearman & Sterling LLP on

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

Will 2017 Be the Year of Insider Trading Reform?

by McGuireWoods LLP on

For several years running, insider trading has been among the most high-profile enforcement priorities for both DOJ and the SEC. Unlike most federal criminal law, insider trading remains undefined by statute, having instead...more

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