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Join the Securities Litigation and Enforcement Group on LinkedInTaking Insider Trading Too Far: What’s Left of the ‘Personal Benefit’ Requirement After ‘U.S. v. Martoma’? | New York Law Journal
When the Supreme Court declined to hear Martoma’s appeal last month, it missed an opportunity to clarify the law going forward in the Second Circuit. In a world where corporate insiders can share information outside the company for many legitimate reasons, those insiders—and the recipients of information from them—risk unfair prosecution absent a narrow, objectively defined […]
Better the Devil You Know? Tipping Liability, Martoma and the Rise of 18 U.S.C. § 1348
First, the US Court of Appeals for the Second Circuit’s revised decision in United States v. Martoma embraced a broad theory of liability under Section 10(b) of the Securities Exchange Act and Rule 10b-5 (hereinafter, collectively, “Section 10(b)”) that prohibits a party from tipping with an “intent to benefit” the recipient. Second, when prosecutors have […]
The Martoma Decision: The Second Circuit Tackles Insider Trading Post-Salman | The National Law Review
The US Court of Appeals for the Second Circuit issued another landmark insider trading opinion on August 23. In United States v. Martoma, the Second Circuit loosened the standard required for the government to establish tipping liability, handing the government a significant victory in this key enforcement area. Martoma is the latest in a string […]