Just like that, the NewmanSalman insider trading saga has come to a close. For now, at least. These cases have generated a good bit of ink on this
For the ESOP fiduciary of a publicly traded employer, the Supreme Court has made clear that non-public insider information is not required to be used
Insider trading continues to be the focus as the first quarter of the year came to a close. The SEC and the Manhattan U.S. Attorney's Office brought
SEC enforcement this holiday shortened week dismissed the remaining defendants in an insider trading case centered on an international take over which had been filed largely on the trading and within days of the announcement.
Today (4 Apr), President Obama signed into law the Stop Trading on Congressional Knowledge Act of 2012 (the “STOCK Act”).
In a significant expansion of the potential risk for distressed claims traders, the Delaware bankruptcy court has recently ruled that traders who engage in insider trading may have their claims subordinated to equity, and that traders who amass claims sufficient to block a plan of reorganization owe fiduciary duties to all other creditors and shareholders during plan negotiations.
Eight SEC Enforcement attorneys were recognized by the Counsel of the Inspector General on Integrity for Excellence in connection with their work regarding the investigation of a significant market crisis case.
On September 13, 2011, Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware granted standing for an equity committee in In re Washington Mutual, Inc. (“WaMu”) to seek “equitable disallowance” of claims held by noteholders that had traded claims after engaging in negotiations with WaMu over the terms of a global restructuring.
Much has already been written about the "insider trading" aspects of Judge Walrath's September 13 Opinion denying confirmation of WaMu's Chapter 11 plan of reorganization (the Opinion can be found here).
A New York federal court recently ruled that an information barrier in place between the “public” and “private” sides at JPMorgan Chase Bank (“JPMC”) was adequate to prevent public trust group personnel from obtaining material non-public information from JPMC’s private investment business.