News & Analysis as of

Securities Fraud Tippers

Sheppard Mullin Richter & Hampton LLP

Hello, Newman. A Second Circuit Panel Revives U.S. v. Newman’s Personal Benefit Test, Maybe.

On June 25, 2018, the Second Circuit Court of Appeals issued a revised opinion in United States v. Martoma, No. 14-3599, Dkt No. 226. (2d Cir. Jun. 25, 2018) (“Martoma”). While the outcome for Matthew Martoma does not...more

Akin Gump Strauss Hauer & Feld LLP

U.S. v. Martoma: The Second Circuit Reconsiders the Personal Benefit Rule in Insider Trading Cases and Announces the Partial...

• A divided 2nd Circuit holds that there is no requirement for a “meaningfully close personal relationship” between a tipper and tippee in order for the tipper to reap a personal benefit from the disclosure sufficient to give...more

Proskauer - Corporate Defense and Disputes

Second Circuit Holds That Tipper/Tippee Liability Can Arise from a Gift of Inside Information Even Without a Close Personal...

The Second Circuit ruled today that a “meaningfully close personal relationship” is not required for insider-trading liability where a tipper discloses inside information as a gift or in exchange for some other type of...more

McDermott Will & Emery

Left Swinging: Why Mickelson Went Uncharged For Insider Trading

McDermott Will & Emery on

In Depth - The Securities and Exchange Commission recently revealed details of an insider trading case against a gambler named William Walters, who allegedly engaged in insider trading based on information he obtained...more

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