As we indicated in our takeaways to our previous article, relationships will remain at the forefront of parties’ arguments and defenses. This remains true today because, as the dissent stated and the majority acquiesced, “Newman remains good law.” Yet whether such analysis will be undercut by the majority opinion in Martoma likely depends on whether this decision is reviewed by an en banc Second Circuit panel or the Supreme Court. After all, the dissent continues to make important arguments for following Newman and requiring the government to provide objective evidence to support an insider trading conviction.
‘Enforcement 40’ for 2020
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