Insider Trading

News & Analysis as of

The Boundaries for Insider Trading Prosecutions See a Resurgence: The 1980s Are Back!

In a closely followed appeal, the United States Court of Appeals for the Second Circuit on December 10, 2014, delivered an important decision in United States v. Newman by vacating the insider trading convictions of two...more

Second Circuit Clarifies a Heightened Standard for Insider Trading Convictions

The US Court of Appeals for the Second Circuit recently held that, in order to convict a tippee for insider trading under Section 10(b) of the Securities Act of 1934 and Rule 10b-5, the government must prove beyond a...more

Second Circuit Limits “Tippee” Insider Trading Liability

In United States v. Newman, No. 13-1837 (2d Cir. Dec. 10, 2014), the United States Court of Appeals for the Second Circuit reversed the 2013 convictions of Anthony Chiasson and Todd Newman on charges of conspiracy to commit...more

No Knowledge, No Jail: Second Circuit Clarifies Scope of Tippee Insider Trading Liability

On December 10, 2014, the Second Circuit issued an important decision (U.S. v. Newman, No. 13-1837, 2014 WL 6911278 (2d Cir. Dec. 10, 2014)) that will make it more difficult in that Circuit for prosecutors, and most likely...more

Second Circuit Overturns Two Insider Trading Convictions

On December 10, the U.S. Court of Appeals for the Second Circuit overturned, and further, dismissed two of the DOJ’s insider trading convictions. United States of America v. Newman and Chiasson, Nos. 13-1837-cr(L),...more

Searching for Greener Pastures: SEC Insider Trading Enforcement in a Post-Newman Era

In United States v. Newman, the U.S. Court of Appeals for the Second Circuit dealt a substantial blow to federal prosecutors’ epic crackdown on insider trading by raising the bar for the government’s burden of proof in...more

Court Of Appeals Reins in Prosecutors in Insider Trading Cases

In a landmark insider trading decision issued on December 10, 2014, the U.S. Court of Appeals for the 2nd Circuit made important pronouncements favorable to the defense on two recurring and important legal issues: (1) what is...more

Hello Newman! (and Chiasson): Second Circuit Decision Raises the Bar for Government to Prove Liability of “Remote Tippees” in...

In a groundbreaking decision, the United States Court of Appeals for the Second Circuit has reversed the 2013 insider trading convictions of Todd Newman and Anthony Chiasson. The decision in United States v. Newman, No....more

Bridging the Week - December 2014 #3

US Judge Says Sentinel 2007 Transfers to BNY Mellon Cannot Be Reversed as Made in Good Faith - The Bank of New York Mellon Corporation (formerly Bank of New York) was absolved of having engaged in “egregious...more

Second Circuit Raises the Bar for Government Insider Trading Prosecutions – Practical Implications for the Business Community

On December 10, 2014, the U.S. Court of Appeals for the Second Circuit issued a much publicized decision, reversing two high-profile insider trading convictions in the Southern District of New York. The Court limits the scope...more

Securities Litigation Alert: In Major Ruling, Appeals Court Sharply Narrows Reach of Insider Trading Law

On December 10, 2014, the U.S. Court of Appeals for the Second Circuit reversed insider trading convictions against two former hedge fund managers, and in the process sharply limited two key doctrines underpinning many recent...more

Corporate and Financial Weekly Digest - Volume IX, Issue 48

In this issue: - Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements - SEC Approves MSRB Best Execution Rule - SEC Sanctions Operator of Unregistered Virtual...more

Knowledge of Benefit Required to Convict Insider Trading Tippees

In its important ruling on what the government must prove in a criminal insider trading prosecution, the Second Circuit reversed the convictions of two portfolio managers — throwing out their cases completely, with no new...more

Second Circuit Redefines “Personal Benefit” in Insider Trading Case

Breaking from precedent, the Second Circuit sets a new standard for the personal benefit element of insider trader liability. On December 10, 2014, the United States Court of Appeals for the Second Circuit reversed...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

Second Circuit Overturns Insider Trading Convictions of Two Portfolio Managers

In a blow to the Southern District of New York’s impressive run of insider trading convictions, the United States Court of Appeals for the Second Circuit held yesterday that insider trading convictions require the government...more

Second Circuit Raises the Bar for Proving Tippee Liability

Wednesday, the U.S. Court of Appeals for the Second Circuit vacated the criminal insider trading convictions of two former hedge fund managers, and in doing so, clarified the elements required to prove an insider trading...more

Second Circuit clarifies law of insider trading in reversing convictions of remote tippees

In a significant decision, the Second Circuit has reversed criminal convictions for insider trading and conspiracy to commit insider trading in an appeal following a six-week jury trial in a closely-watched prosecution...more

Second Circuit Clarifies Elements of Tippee Liability for Insider Trading

The U.S. Court of Appeals for the Second Circuit recently clarified the elements required to hold a tippee liable for insider trading: a tippee cannot be held liable unless the Government proves that the tippee knew both (i)...more

This Week In Securities Litigation

The Second Circuit took center stage this week, handing down a decision which reversed the insider trading convictions of two remote tippees. The decision circumscribes tippee liability by defining the elements of a claim and...more

Second Circuit Limits Criminal Insider Trading Actions Against Tippees

In a landmark ruling that is likely to reshape the landscape of insider-trading prosecutions of “tippees,” a three-judge panel of the U.S. Court of Appeals for the Second Circuit reversed the convictions of former portfolio...more

Second Circuit Limits Insider Trading Law for Remote Tippees

Matt Levine is a big jerk. He just sits there at Bloomberg following events in finance and securities enforcement, and then writes interesting things about those events really quickly and with insight that no one else has...more

Second Circuit Court of Appeals Issues Significant Insider Trading Ruling in U.S. v. Newman

Earlier today, the Second Circuit Court of Appeals issued its most significant ruling in an insider trading case in more than a decade. That opinion is available here. The Second Circuit vacated the criminal convictions of...more

Major Reversal of Insider Trading Convictions After Trial: Second Circuit Sets High Bar for Tippee Liability

The United States Court of Appeals today reversed the convictions for insider trading of Todd Newman and Anthony Chiasson. The Court held that the government was required to prove, but did not, that the defendants knew that...more

The Second Circuit Defines Tippee Liability and The Personal Benefit Test

Todd Newman and Anthony Chiassons, remote tippees, three to four steps removed from the source of the inside information about pending earnings announcements for Dell, Inc. and NVIDIA, were convicted of insider trading. In...more

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