Martoma: Second Circuit Abrogates Newman, Broadens Dirks
A Second Circuit Panel held that the Supreme Court's Salman decision abrogated the Circuit's Newman requirement of a "close personal relationship" under the "gift theory"…
Insider Trading Litigation
Split Commission Can’t Reverse Insider-Trading Dismissal
Trader Joseph Ruggieri finally prevailed last week, when SEC Commissioners Stein and Piwowar split on whether Enforcement proved his four trades (in 2010-2011) were made…
Supremes Reaffirm Dirks Gifting Theory of Insider Trading; Limit Newman
A unanimous Supreme Court reaffirmed the "gifting" theory of insider trading under Dirks and rejected Newman "to the extent" it required more. The Court's long-standing…
RIP “Gifts” in Insider Trading?
On October 5, 2016, the Supreme Court in Salman v. United States will hear oral argument on its first insider trading case in nearly 20…
SEC Tees Up Newman & Admin Forum Issues for 2016
The SEC granted two petitions for review last week that tee-up significant issues for full Commission consideration late next Spring. The Commission will consider the…
To Tip or Not to Tip?
Recent decisions try to clarify insider trading liability, but may have caused more confusion. In United States v. Newman, 773 F.3d 438 (2d Cir. 2014),…