Insider Trading

Here are some useful links to articles, cases or other sources on insider trading:

The Myth of Insider Trading (Part I) (May 7, 2014 Straight Arrow Blog Post)

The Obscure Insider Trading Case That Started It All (Forbes article by M. Bobelian)

Busting Insider Trading: As Pointless as Prohibition (Wall Street Journal article by H. Manne)

Some Myths About Insider Trading (Article in Truth on the Market blog by H. Manne)

Learning to Love Insider Trading (Wall Street Journal article by D. Boudreaux)

The Insider Trading Myth (New York Observor article by G. Weiss)

SEC Wants Ex-Ameriprise Advisers Dinged Over Insider Claims (Law 360) (SEC seeks disgorgement of profits from convicted insider trader tippee, plus a penalty, plus disgorgement of profites of “downstream” traders as “relief defendants,” and to make the original tippee jointly and severally liable for all “downstream” profits plus interest)

Congressman thinks maybe insider trading should be illegal (Bloomberg View)

Broad Insider Trading Bill May Overcompensate For Newman (Law 360)

Congressman Introduces Bill To Ban Insider Trading (Law 360)

Narrowing the Definition of White-Collar Crimes (NY Times Dealbook)

Insider Trading: There Oughta Be a Law (Bloomberg)

4th Circ. To Eye Insider Trading Plea After Newman (Law 360)

U.S. v. Durant: DOJ Argument that Newman Reasoning Does Not Apply to Misappropriation Theory Misses the Mark (Straight Arrow Jan. 15, 2015 Blog Post)

Is it Time To Broaden the Definition of Insider Trading? (NY Times article by P. Henning)

Icahn Investigation Highlights Gray Area Of Securities Law (Law 360 article by K. Kiernan)

Law on Insider Trading Misappropriation Theory Remains Unsettled (NY Law Journal article by S. Glaser and D. Weinstein)

Insider Case by S.E.C. Is a Step Removed From Herbalife Itself (NY Times article by B. Protess and A. Stevenson)

SEC Tees Off On ‘Golfing Buddies’ Insider Trading Defense (Law 360 article by E. Beeson)

Tippees Turn on Tipper in Insider Trading Investigation – And the Tipper’s Penalty is Based on Their Profits! (SECLaw.com article by M. Astarita)

Golfer Mickelson’s Role Said to Be Overstated in Insider Inquiry (NY Times article by M. Goldstein and B. Protess)

The Empire of Edge: How a doctor, a trader, and the billionaire Steven A. Cohen got entangled in a vast financial scandal (New Yorker article by P.R. Keefe)

The Gift of Inside Information (NY Times Dealbook article by M. Perino)

Memories of Bill Cary (CLS Blue Sky article by J. Seligman)

 SEC v. Wyly Insider Trading Opinion (Judge Shira Scheindlin)
Reactions to U.S. v. Newman and Chiasson

Opinion in U.S. v. Riley (Opinion of SDNY Judge Valerie Caproni upholding insider trading conviction even though jury instructions did not conform to later Newman ruling)

The New Insider Trading Landscape: United States v. Newman and Its Impact on Pending Insider Trading Prosecutions (Buchanan Ingersoll)

Law Professors Argue that Newman Panel Decision Enhances Market Integrity (Straight Arrow Feb. 26, 2015 Blog Post)

Amicus Brief of Professors Bainbridge, Henderson and Macey in U.S. v. Newman (2d Circuit brief addressing petition for rehearing en banc)

Mark Cuban Amicus Brief Puts U.S. v. Newman Insider Trading Prosecution in Proper Context (Straight Arrow Feb. 20, 2015 Blog Post)

Mark Cuban Amicus Brief in US v. Newman (2d Circuit)

ALJ Ruling on Motions for Summary Disposition in In re Bolan and Ruggieri (Ruling on Newman motions in SEC administrative proceeding)

Motion To Dismiss in SEC v. Payton and Durant (SDNY motion for dismissal of SEC insider trading enforcement action following dismissal of criminal charges based on U.S. v. Newman)

Ruggieri response to SEC supplemental filing (Response to SEC submission in ALJ insider trading proceeding)

SEC Supplemental Submission in In re Bolan and Ruggieri (SEC submission in response to ALJ Order for evidence of tipper benefit in insider trading administrative proceeding)

ALJ Ruling in In re Bolan and Ruggieri (ALJ decides that Newman benefit standard applies to tippee case and asks for further SEC submission)

Reply Brief on Impact of Newman Decision in In the Matter of Bolan and Ruggieri (SEC Administrative Proceeding)

CLS Blue Sky Blog Consortium on U.S. v. Newman:

Giving Tippers a Pass: U.S. v. Newman (James Cox)
IGNORANCE IS NOW BLISS: But What Can the Government Do? (John Coffee)
Why Newman Leaves Me With a Queasy Feeling, or Deregulating the Demand for Insider Information (Ilya Belin)
Newman and Selective Disclosure (Donald Langevoort)
The Newman-Chiasson Insider Trading Case Reinforces the Need for Change (Edward Greene & Olivia Schmid)
Newman Reins in Criminal Prosecution of Remote Tippees for Insider Trading (Jill Fisch)
Insider Trading Law in Deeper Waters (Samuel Buell)

ALJ Ruling in In re Bolan and Ruggieri (ALJ decides that Newman benefit standard applies to tippee case and asks for further SEC submission)

Reply Brief on Impact of Newman Decision in In the Matter of Bolan and Ruggieri (SEC Administrative Proceeding)

Newman Opposition to DOJ Petition for En Banc Review (2d Circuit Filing)

DOJ Petition for En Banc Review in Newman Case Comes Up Short (Straight Arrow Jan. 26, 2105 Blog Post)

SEC Amicus Brief in US v Newman (Filed to support DOJ Motion for Rehearing En Banc in Second Circuit)

US v Newman Petition for En Banc Review (DOJ Filing in 2d Circuit)

Court Sets Up a Hurdle, Not a Barrier, for Insider Trading Cases (NY Times Dealbook)

Newman’s Aftermath: District Court Vacates Four Insider Trading Guilty Pleas; Government Seeks Rehearing in Second Circuit (Schulte Roth)

U.S. v. Durant: DOJ Argument that Newman Reasoning Does Not Apply to Misappropriation Theory Misses the Mark (Straight Arrow Blog Post)

DOJ Brief in US v Durant (DOJ Brief Arguing that U.S. v. Newman Ruling Does Not Apply to Guilty Pleas Based on Misappropriation Theory of Insider Trading)

U.S. v Newman and Chiasson insider trading opinion (2d Circuit)

US v. Newman: 2d Circuit Hands Government Stunning, Decisive, and Far-Reaching Insider Trading Defeat (December 10, 2014 Straight Arrow Blog Post)

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