Corporate Defense and Disputes

Important developments in U.S. securities law, white collar criminal defense, regulatory enforcement and other emerging issues impacting financial services institutions, publicly traded companies and private investment funds

Tag Archives: Insider Trading

Proskauer Hedge Fund Seminar Recap: Fallout From the Second Circuit’s Insider-Trading Ruling

On Thursday, February 5, 2015, Ralph C . Ferrara, Robert J. Cleary and Jonathan E. Richman were invited to Proskauer’s Hedge Fund Breakfast Seminar to speak about the Second Circuit’s insider-trading ruling in Newman/Chaisson.  The litigators provided the group of hedge fund professionals with a helpful overview of insider-trading laws, followed by an interesting discussion … Continue Reading

Government Seeks Rehearing in Landmark Insider-Trading Case

The U.S. Government filed a petition seeking panel and en banc rehearing of the Second Circuit’s December 2014 decision in United States v. Newman and Chiasson, ___ F.3d ___, 2014 WL 6911278 (2d Cir. Dec. 10, 2014).  That highly publicized decision – about which we blogged here – overturned insider-trading convictions of two remote tippees by (i) holding that a tippee must know … Continue Reading

Personal Benefit Required Under Misappropriation Theory of Insider Trading

Yesterday, U.S. District Judge Andrew L. Carter, Jr. rejected the argument by the U.S. Attorney’s Office for the Southern District of New York to limit the Second Circuit’s decision in United States v. Newman to classical insider-trading cases.  Judge Carter’s order, vacating four insider-trading guilty pleas in United States v. Conradt, represents another setback for U.S. Attorney Preet … Continue Reading

Compliance Week: Insider-Trading Gets More Complicated

Over the last five years, the U.S. Attorney for the Southern District of New York, Preet Bharara, has aggressively pursued insider-trading cases against a broad spectrum of defendants. As a result, insider trading remains a topic of public interest—especially in the compliance community. On December 23, 2014, Compliance Week published an article on the Second … Continue Reading

Inside Counsel Interviews Jonathan Richman on the Second Circuit Decision in U.S. v. Newman

Inside Counsel interviewed Jonathan Richman, partner and co-head of our Securities Litigation Practice, regarding the high-profile Second Circuit decision last week overturning the insider-trading convictions of Todd Newman and Anthony Chiasson. The article discusses issues likely to arise in any appeal by the government to the Second Circuit Court of Appeals for en banc review, or to the … Continue Reading

Reversing Convictions, Second Circuit Clarifies Scope of Tippee’s Required Knowledge in Insider Trading Cases

On December 10, 2014, the Second Circuit reversed insider trading convictions of two former hedge fund managers, holding that, to sustain a conviction for insider trading, the government must prove a tippee who trades on the basis of material non-public information had knowledge that the tipper not only disclosed confidential inside information, but also that … Continue Reading
LexBlog