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2nd Circ.'s Insider Trading Roller Coaster Gets Extra Loop

Law360 (July 3, 2018, 7:42 PM EDT) -- The Second Circuit's recent revised insider trading ruling in U.S. v. Martoma added another layer of complexity to the law that could make prosecutors' lives easier but may also help upset years-old convictions — that is, if the full court doesn't step in and redo the decision again.

The revised ruling on June 25 again upheld the conviction of Mathew Martoma, even while saying jury instructions at his 2014 trial ran afoul of the Second Circuit's ruling in U.S. v. Newman. Newman required prosecutors to show a “meaningfully close personal relationship” between a stock tipper and tippee to convict on the...

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