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Dirks v SEC Material Nonpublic Information

BakerHostetler

Second Circuit Vacates Insider Trading Convictions, Narrowing the Scope of Future Prosecutions

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As discussed more fully in our alert when Blaszczak I was issued, the crux of this case was that four individuals were charged with and convicted of an alleged scheme to obtain nonpublic information from the Centers for...more

Dorsey & Whitney LLP

Federal Fraud Statutes - Not A Short Cut to Proving Insider Trading

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The question of what constitutes insider trading has been litigated for decades.  Many thought that a series of Supreme Court cases such as Dirks v. SEC, 462 U.S. 646 (1983) and its progeny had largely resolved the question...more

Holland & Knight LLP

Second Circuit Paves Easier Route to Prosecute Disclosure of Agency Information, Insider Trading

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In a ruling with far-reaching implications, the U.S. Court of Appeals for the Second Circuit recently held that pre-announcement information at the Centers for Medicare & Medicaid Services (CMS) about reimbursement rates...more

White and Williams LLP

Second Circuit: Insider Trading Conviction Does Not Require a Finding of Personal Benefit

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On December 30, 2019, the Second Circuit issued its landmark decision in United States v. Blaszczak, which widened the berth for federal prosecution of insider trading activities under Title 18 of the United States Code. The...more

WilmerHale

Insider Trading Law Alert: The Second Circuit Clears the Path for Insider Trading Convictions Absent a Dirks Personal Benefit

WilmerHale on

On December 30, 2019, the Second Circuit issued a consequential insider trading decision in United States v. Blaszczak. In Blaszczak, the Second Circuit faced the question whether the “personal benefit” test set forth in...more

WilmerHale

Insider Trading Law Alert: Better The Devil You Know? Tipping Liability, Martoma and the Rise of 18 U.S.C. § 1348

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Insider trading has frequently been splashed across headlines in recent months, with a congressman, an NFL player, a comedy writer, and a Silicon Valley executive all facing charges. In the background of these headlines are...more

A&O Shearman

Divided Second Circuit Panel Abandons Relationship Test From Landmark Newman Decision In Upholding Insider Trading Conviction

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On August 23, 2017, a divided three-judge panel of the United States Court of Appeals for the Second Circuit upheld the insider trading conviction of SAC Capital Advisors, LLC (“SAC”) portfolio manager Mathew Martoma. United...more

Proskauer - Corporate Defense and Disputes

Watch the Napkin: First Circuit Affirms Insider-Trading Conviction

In what appears to be the first appellate decision since the Supreme Court’s December 2016 ruling in Salman v. United States, the U.S. Court of Appeals for the First Circuit affirmed an insider-trading conviction based on a...more

Miller Canfield

U.S. Supreme Court Affirms Broader View of “Personal Benefits” That Can Trigger Insider-Trading Liability

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To be liable for insider trading in violation of the federal securities laws, the insider “tipper” who discloses the inside information must personally benefit, directly or indirectly, from his disclosure to a “tippee” who...more

Latham & Watkins LLP

Supreme Court Revisits Insider-Trading Liability

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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

Akin Gump Strauss Hauer & Feld LLP

United States v. Salman: Supreme Court Reaffirms “Friends With Benefits” Test In Insider Trading Cases

On December 6, 2016, in an opinion written by Justice Alito, the Supreme Court unanimously affirmed the Ninth Circuit’s decision in Salman v. United States, a closely-watched insider trading tipping case. Salman builds upon...more

Dorsey & Whitney LLP

The Supreme Court Reaffirms Dirks in Salman

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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

A&O Shearman

Supreme Court Affirms That Pecuniary Benefit Not Required For Family Member Tips, But Declines to Address What Constitutes a...

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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

Wilson Sonsini Goodrich & Rosati

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

Brownstein Hyatt Farber Schreck

Supreme Court Opens Pathway To Increased Insider Trading Prosecutions

On Dec. 6, 2016, the U.S. Supreme Court issued its much-awaited decision in Salman v. United States, upholding a “friends and family” insider-trading conviction and effectively overruling the Second Circuit’s decision in...more

BCLP

Unanimous Supreme Court Rejects Effort to Cut Back Insider Trading Liability

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The U.S. Supreme Court earlier today rejected an attempt to cut back on liability for insider trading where people give inside tips to family members and friends. In Salman v. United States, the Court unanimously held that...more

Dorsey & Whitney LLP

The Supreme Court - December, 2016 #2

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The Supreme Court of the United States issued decisions in three cases today: Samsung Electronics Co. v. Apple Inc., No. 15-777: A jury found that smartphones manufactured by petitioner Samsung infringed respondent Apple...more

Proskauer Rose LLP

Supreme Court to Review Insider-Trading Decision on Personal Benefit

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On January 19, 2016, the Supreme Court agreed to review the Court of Appeals for the Ninth Circuit's decision concerning the "personal benefit" required to establish a claim for insider trading. The grant of certiorari in...more

Dorsey & Whitney LLP

SEC ALJ Dismisses Insider Trading Claims Based on Dirks-Newman

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When the Second Circuit handed down Newman the SEC joined with the Manhattan U.S. Attorney seeking rehearing en banc and arguing that the case would significantly hinder insider trading enforcement. Many wondered if the...more

Dorsey & Whitney LLP

Newman: Respondent’s Opposition to Supreme Court Review

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The battle lines are now clearly drawn over Newman and what constitutes impermissible tipping in violation of Exchange Act Section 10(b). Previously, the Government filed a petition for certiorari arguing that Newman, which...more

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