This Week In Securities Litigation (Week ending June 13, 2014)

by Dorsey & Whitney LLP

The Commission failed to prove its insider trading claims to the satisfaction of a jury for the second week in a row. This time a Los Angeles jury rejected claims of the agency against a corporate executive that were tied to selling shares in a secondary offering.

The agency also brought actions this week against: A dark pool for failing to maintain the confidentiality of client information; a broker-dealer regarding market access; an individual in an insider trading case where the tips came from high school friends; an attorney tied to misrepresentations; an individual and his firm for market manipulation; and an adviser based on its failure to supervise.


Remarks: Commissioner Kara M. Stein addressed the Peterson Institute of International Economics, Washington, D.C. (June 12, 2014). Her remarks focused on preventing the next financial crisis, the short term lending markets and how we evaluate capital, leverage and liquidity within financial institutions and funds (here).

Remarks: Commissioner Luis A. Aguilar delivered remarks titled Boards of Directors, Corporate Governance and Cyber-Risks: Sharpening the Focus at the Cyber Risks and the Boardroom Conference, NYSE, New York, New York (June 10, 2014). His remarks focused on the role of the board in overseeing cyber-risk management (here).

SEC Enforcement – Litigated Actions

SEC v. Moshayedi, Civil Action No. CV 12-1179 (C.D. Cal). Defendant Manouchehr Moshyedi is the co-founder and CEO of STEC, Inc., a manufacturer of computer storage devices. The case centered on trading in advance of a secondary offering in which Mr. Moshyedi and his two brothers, who also participated in founding the company, would sell substantial portions of their company stock, yielding gross proceeds of over $133 million. Over a period of eight months, beginning in January 2009, STEC stock increased in price over 800%. During the period the company announced a unique supply agreement with its largest customer, EMC Corporation, for STEC’s flag ship product. Mr. Moshyedi and his brothers decided to take advantage of the price increase by selling a large block of their shares in a secondary offering, according to the complaint. It was scheduled for August 3, 2009, the same day STEC would announce its revenue guidance for the third quarter.

Shortly before the offering Mr. Moshayedi learned that EMC would never enter into another similar agreement with STEC. He also received an internal report indicating that EMC’s actual demand for the flash drive in the last two quarters of the year would not be sufficient to ensure that STEC would meet guidance or the consensus analyst estimates.

After learning these facts, the Commission claims that Mr. Moshayedi engaged in a cover up by entering into a secret deal with EMC in which they committed to purchase a larger quantity of product in the third quarter than they required at a substantial discount.

Following this deal Mr. Moshayedi announced guidance for the third quarter that met the consensus estimate. That guidance included proceeds from the secret deal which were over twice as much as EMC’s actual forecast demand for the quarter. The guidance numbers were only possible because of the secret deal, according to the complaint. The offering went forward. Mr. Moshayedi and his brothers each sold 4.5 million shares of STEC stock. The complaint alleged violations of Securities Act Section 17(a) and Exchange Act Section 10(b).

Mr. Moshayedi disputed the Commission’s claims, detailing his position in a motion filed just before the commencement of trial. There he stated that the initial statements regarding the demand of EMC for the third and fourth quarters were preliminary and, based on past experience, the firm did not view them as covering the entire period. While Mr. Moshayedi knew there was a risk that EMC would accumulate a significant amount of inventory of STEC product, and that would negatively impact firm revenues, that fact had been disclosed. Likewise, there is nothing untoward about the claimed secret deal. It was not entered into for the purpose of meeting guidance. Rather, it was an agreement that gave STEC the information needed regarding what EMC would purchase in the third and fourth quarters so that the company could meet its obligations. Finally, the claim that EMC would not enter into another agreement is belied by the fact that at the time Mr. Moshayedi was engaged in negotiations with EMC which went on for a considerable period over another contract. While the e-mail from EMC does state it would not enter into another agreement, that was simply a negotiating tactic used in the context of the then on-going negotiations. Following trial, the jury rejected the claims of the Commission, finding in favor of Mr. Moshayedi.

SEC Enforcement – Filed and Settled Actions

Statistics: This week the Commission filed, or announced the filing of, 2 civil injunctive actions, DPAs, NPAs or reports and 6 administrative proceedings (excluding follow-on and Section 12(j) proceedings).

Misrepresentations: In the Matter of Robert C. Acri, Adm. Proc. File No. 3-15926 (June 11, 2014). Robert Acri is an attorney and the co-founder, co-owner and manager of Kenilworth Asset Management LLC, a registered investment adviser. He is also the founder of a private investment fund and was associated with a registered broker-dealer.

Beginning in April 2011, and continuing over the next several months, Mr. Acri and an associate at Kenilworth sold about $240,000 in notes issued by Prairie Common Holdings LLC. The notes had maturities of 6 to 8 months and an annual interest rate of 15%. They were to be secured by real estate. The notes were marketed to Kenilworth clients who were told that the funds would be used to develop a retail parcel of real estate. In marketing the notes Mr. Acri failed to disclose material facts to potential investors regarding the project, its finances and fees that would be paid. Mr. Acri also misappropriated about $41,250 of Kenilworth client funds that were supposed to be used to develop Prairie. Those funds were used to repay other former and current clients and fund investors, in partial payment of a law suit against Mr. Acri and for a loan finder for Praedium. In addition, Mr. Acri failed to take any steps to secure the Prairie notes despite the representations made to investors. The Order alleges violations of Securities Act Section 17(a), Exchange Act Section 10(b) and Advisers Act Sections 206(1) and 206(2). To resolve the proceeding Mr. Acri consented to the entry a cease and desist order based on the Sections cited in the Order. He is also barred from the securities business and from participating in any penny stock offering. Finally, Mr. Acri will pay disgorgement of $55,0000, prejudgment interest and a civil penalty equal to the amount of the disgorgement.

Supervision: In the Matter of Thomas E. Meade, Adm. Proc. File No. 3-15927 (June 11, 2014) is a proceeding naming as a Respondent the President and Chief Compliance officer of Private Capital Management, Inc., formerly a registered investment adviser. Mr. Meade was aware that there were unique risks of insider trading by vice president Drew Peterson whose father sat on the board of at least one public company, according to the Order. Nevertheless, he failed to design suitable written policies and procedures. He also failed to adequately collect and review personal trading records of firm employees, to maintain strict watch lists and, even after learning that Mr. Peterson had engaged in insider trading, to investigate as required by firm procedures. The Order alleges violations of Advisers Act Sections 204, 204A and 206(4). To resolve the proceeding Mr. Meade consented to the entry of a cease and desist order based on the Sections cited in the Order, to a censure, to an order barring him from the securities business and to pay a penalty of $100,000.

Pay to play: SEC v. Morris, Civil Action No. 09 cv 2518 (S.D.N.Y.) is the previously filed action against Henry Morris and others arising out of a pay to play scheme involving the New York State Common Retirement Fund. This week the Commission settled with the last defendant, Saul Meyer, who previously pleaded guilty and was sentenced to a term of discharge and ordered to forfeit $1 million based on cooperation. In the Commission’s action the Court entered a permanent injunction prohibiting future violations of Securities Act Section 17(a), Exchange Act Section 10(b) and Advisers Act Sections 206(1) and 206(2). In a related administrative proceeding Mr. Meyer was barred from the securities business. See Lit. Rel. No. 23017 (June 10, 2014).

Offering fraud: SEC v., Inc., Civil Action No. 0:13-cv-60637 (S.D. Fla.) is a previously filed action against the company, Robert Cook and others. It arose out of the fraudulent sale of shares in the company based on claims that it owned Mexican bonds worth billions of dollars. In fact the bonds were essentially worthless. The Court entered a final judgment against Mr. Cook by consent, enjoining him from future violations of Securities Act Sections 17(a)(1) and 17(a)(3) and barring him from participating in any penny stock offering. The Court has the right to determine financial penalties at a later date. See Lit. Rel. No. 23016 (June 10, 2014).

Insider trading; SEC v. Baron, Civil Action No 14-3699 (D. N.J. Filed June 10, 2014) is an action against Michael Baron. The complaint alleges that Mr. Baron received two illegal tips from former high school friends which he furnished to a relative who traded. Specifically, one tip concerned the acquisition of Pharmion Corporation by Celgene Corporation, announced on November 19, 2007. Mr. Baron’s high school friend, John Lazorchak, who worked at the company, furnished the information. The second involved the tender offer by Stryker Corporation for Orthovita, Inc., announced on May 16, 211. The information came from his friend Mark Foldy, an insider at Stryker. The complaint alleges violations of Exchange Act Sections 10(b) and 14(e). The case is in litigation. See Lit. Rel. No. 2318 (June 10, 2014).

Manipulation: SEC v. Chang, Civil Action No. 1:11-cv-04132 (S.D.N.Y. Filed June 9, 2014) is an action which names as defendants Luis Change and Everbright Development Overseas Limited. In mid-January 2013 the defendants commenced a series of steps which essentially amounted to a false tender offer for the shares of Allied Nevada Gold Corporation, contacting the company and issuing a press release stating that a cash offer had commenced. While taking these steps the defendants acquired over 5% of the firm’s shares. As the price rose they sold their shares, reaping over $7 million in profit. Mr. Chang has fled. Everbright has wired over $20 million. The complaint alleges violations of Securities Act Section 17(a) and Exchange Act Sections 10(b), 13(d)(1) and 14(e). The Court entered a freeze order. See Lit. Rel. No. 23020 (June 12, 2014).

Concealed commissions: In the Matter of Dennis J. Malouf, Adm. Proc. File No. 3-15918 (June 9, 2014) is a proceeding naming as a respondent the CEO and majority owner of UASNM, Inc., a registered investment adviser. He is alleged to have entered into a secret arrangement with a broker-dealer he used to own to execute all of the bond trades for the adviser between 2008 and 2011. Virtually all of the commissions, totaling about $1.1, million were kicked back to him. The Order alleges violations of Securities Act Sections 17(a(1) and 17(a)(3 and Exchange Act Section 10(b). The proceeding will be set for hearing.

Concealed commissions: In the Matter f UASNM, Inc., Adm. Proc. File No. 3-1591 (June 9, 214) is a proceeding against the registered investment adviser. It stems from misconduct related to client bond trading. Specifically, between 2008 and 2011 Dennis Malouf, the firm’s CEO and majority owner, entered into an arrangement under which bond trades were sent to the branch office of a firm he previously owned for execution. Most of the commissions were then kick-back most of the commissions which totaled about $1.1 million. The firm also failed to seek best execution on the trades or to have reasonable policies related to best execution and failed to reasonably supervise Mr. Malouf. The Order alleges violations of Advisers Act Sections 206(1), 206(2), 206(4) and 207. To resolve the proceeding the firm agreed to the entry of a cease and desist order based on the cited Sections and a censure. It will also pay a civil money penalty of $100,000.

In the Matter of Liquidnet, Inc., Adm. Proc. File No. 3-15912 (June 6, 2014) is a proceeding naming as a Respondent the registered broker dealer. It operates to a block trading alternative trading system, or ATS, which is a dark pool. Members are primarily large institutional investors who are assured “complete anonymity” in the subscription agreement and the rules. In 2009 Liquidnet launched a new service, its ECM initiative, which eventually developed into a stand-alone business unit. It was designed to introduce Liquidnet as an execution venue for corporate issuers and others. A key feature would permit members to execute transactions in size. Another feature was a desk top application for issuers called InfraRed. It aggregated historical data in the Liquidnet system as a smoothed ratio of “buy” liquidity to “sell” liquidity, caped at a specific ratio.

From the time ECM was launched, through 2011, its employees had access to the confidential member trading information in the Liquidnet system and used pool member data in marketing materials and presentations. This violated Rule 301(b)(1) of Regulation ATS which requires that the pool operator establish adequate safeguards and procedures to protect subscribers’ confidential trading information. Liquidnet also used confidential information about members’ indications in sales tools without disclosing this fact to pool members. The Order alleged violations of Securities Act Section 17(a)(2). Rule 301(b)(2) of Regulation ATS, which requires that pool operators file amendments on Form ATS, was also violated by not filing amendments regarding ECM, a material change in operations. And, Rule 301(b)(10) of Regulation ATS, which requires the operator to establish adequate safeguards and procedures to protect subscribers’ confidential trading information, was also not followed. In resolving the proceeding the Commission considered the prompt remedial actions of the Respondent, which included development of a program that provides members with direct control over the use of their data within the Liquidnet system. Liquidnet consented to the entry of a cease and desist order based on the Section and Rules cited in the Order and to the entry of a censure. It also agreed to pay a fine of $2 million.

Market access: In the Matter of Wedbush Securities Inc., Adm. Proc. File No. 3-15913 (June 6, 2014). The Respondents are the broker dealer, one of the largest providers of market access in the United States, and Jeffrey Bell and Christina Fillhart, respectively the head and a senior member of the division that operates the market access section of the firm. The Market Access Rule, adopted in late 2010, generally requires that broker-dealers appropriately control the risks associated with market access to avoid jeopardizing their financial condition, that of others or the integrity and stability of the market. Wedbush had about 50 sponsored access customers that generated average monthly trading volume of 30 billion shares. Several of the firm’s sponsored access customers had more than 1,000 authorized traders. One had over 10,000 traders. Most of the traders used either their own platform or a leased one – their orders did not flow through the Wedbush system. The Order alleges multiple violations of the market access rule including: The fact that the firm allowed the customers to have access to determine and make changes to risk setting in the platform; it improperly relied on attestations which the Rule was designed to prevent; it failed to have adequate controls to prevent violations of other trading rules; it failed to have adequate controls to ensure compliance with AML reporting and record keeping requirements; it failed to pre-approve all traders; and it did not have written systems for regularly reviewing the effectiveness of its risk management controls and supervisory procedures for market access. The Order alleges violations of Exchange Act Section 15(c)(3), 17(a) , 21C(A) and the related rules. The proceeding will be set for hearing.


Related parties: The Board Adopted Auditing Standard No. 18 and amendments to others. The focus is to strengthen audit requirements regarding related party transactions, significant unusual transactions and a company’s financial relationships and transactions with its executive officers.

Hong Kong

Unauthorized advertisements: Registered adviser Pacific Sun Advisors Limited and its director, Andrew Mantel, were convicted of four charges of issuing advertisements to promote a collective investment scheme without the authorization of the Securities and Futures Commission. The firm was fined $20,000 and Mr. Mantel was sentenced to four weeks imprisonment, suspended for 12 months.

Trading: Christopher Ma Chun Leung and Wong Man Chung were banned from the securities business for, respectively 10 years and two years. Ma, the supervisor of a program trading desk, and Wong, a trader under him, acted against the interest of clients and took advantage of executions of order of institutional clients on the Hong Kong exchange by cancelling over 2,500 orders in 20 securities and replacing them at less advantageous prices. As a result the clients paid an additional $8 million. Both were affiliated with Morgan Stanley Asia Limited, Morgan Stanley Hong Kong Futures Limited an Morgan Stanley Hong Kong Securities Limited. The firm reported the conduct and repaid the clients.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dorsey & Whitney LLP | Attorney Advertising

Written by:

Dorsey & Whitney LLP

Dorsey & Whitney LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.