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Southern District Of New York Allows Putative Securities Fraud Class Action To Proceed Against Company That Pleaded Guilty To FCPA...

by Shearman & Sterling LLP on

On September 19, 2017, Judge Andrew L. Carter, Jr. of the United States District Court for the Southern District of New York allowed a putative securities fraud class action to proceed against VEON Ltd. (“VEON”), a...more

Second Circuit Majority in U.S. v. Martoma Eliminates Proof of Financial or Other Personal Benefits to Tipper for Conviction

by BakerHostetler on

On Aug. 23, 2017, the United States Court of Appeals for the Second Circuit issued a split decision in United States v. Martoma, upholding a portfolio manager’s insider trading conviction and finding that a tippee need not...more

Second Circuit Reverses Itself on Insider Trading

by Bryan Cave on

Stock traders who thought they could trade freely on gifts of inside information so long as the givers were not their close friends should rethink their strategy. The U.S. Court of Appeals for the Second Circuit this week...more

Government Dismisses All Charges In Benjamin Wey Securities Fraud Case After U.S. District Judge Suppresses All Evidence Obtained...

by Shearman & Sterling LLP on

On August 8, 2017, the Government moved to dismiss all charges against Benjamin Wey, the CEO of New York Global Group charged with securities fraud, wire fraud, conspiracy, and money laundering. United States District Court...more

Seventh Circuit Upholds First Spoofing Conviction Against High-Frequency Trader

by Shearman & Sterling LLP on

On August 7, 2017, the Seventh Circuit upheld the conviction of Michael Coscia, founder of Panther Energy Trading LLC, for a market manipulation tactic known as “spoofing,” under Section 6c(a)(5)(C) and 13(a)(2) of the...more

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

Between Bridges: Federal Appeals Court Upholds Conviction and Sentencing of First Person Criminally Charged for Spoofing Under...

Yesterday, Michael Coscia’s criminal conviction and sentencing for spoofing was unanimously upheld by a three-judge Federal Court of Appeals panel in Chicago, Illinois....more

Reflections on Kokesh v. SEC: Potential Ramifications of SEC Disgorgement Being a Penalty

by King & Spalding on

In the week since the Supreme Court’s unanimous decision in Kokesh v. SEC, which rejected the Securities and Exchange Commission’s longstanding position that disgorgement was an equitable remedy not subject to the five-year...more

U.S. Supreme Court Significantly Limits SEC's Power to Recover Disgorgement

by Jones Day on

On June 5, 2017, in an unanimous ruling in Kokesh v. SEC, No. 16-529, the United States Supreme Court significantly limited the breadth of the Securities and Exchange Commission's primary enforcement tool. The Court held that...more

The Supreme Court - June 5, 2017

by Dorsey & Whitney LLP on

The Supreme Court of the United States issued decisions in five cases today: Advocate Health Care Network v. Stapleton, No. 16-74: This case involves whether three church-affiliated nonprofits that run hospitals and offer...more

Former Bond Trader Jesse Litvak Sentenced To Two Years' Imprisonment After High-Profile Re-Trial In Securities Fraud Case

by Shearman & Sterling LLP on

On April 26, 2017, Judge Janet C. Hall of the United States District Court for the District of Connecticut sentenced Jesse Litvak, a former bond trader, to two years’ imprisonment, a $2 million fine, and three years’...more

"DOJ and SEC Cooperation Policies"

Whereas the privilege and work-product doctrine generally require confidentiality, cooperation with the government often necessitates disclosure. The Department of Justice (DOJ) and Securities and Exchange Commission (SEC)...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

Criminal Conviction Of De Facto Officer Does Not Preclude D&O Coverage

by Allen Matkins on

After a two week trial in 2013, a jury convicted Mitchell J. Stein, a lawyer, of mail, wire, and securities fraud based on evidence that he fabricated press releases and purchase orders to inflate the stock price of his...more

Supreme Court Agrees To Hear Securities Case

by Dorsey & Whitney LLP on

The Supreme Court agreed to hear another securities case this week. Leidos, Inc. v. Indiana Public Retirement System, No. 16-581. The only other securities action currently on the High Court’s docket is Kokesh v. Securities...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

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

by Ward and Smith, P.A. on

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

by Bennett Jones LLP on

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

by Dorsey & Whitney LLP on

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

by Latham & Watkins LLP on

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

by Dorsey & Whitney LLP on

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...

by Shearman & Sterling LLP on

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

by DLA Piper on

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

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