Justices Nix 2nd Circ. Insider Trading Ruling After Bridgegate

Law360 (January 11, 2021, 10:37 AM EST) -- The U.S. Supreme Court on Monday vacated a Second Circuit ruling affirming four insider trading convictions in light of the high court's "Bridgegate" decision, ordering the lower appellate court to rethink its finding that confidential government information may constitute property under federal anti-fraud laws.

The Supreme Court's unanimous May decision in U.S. v. Kelly to toss the convictions of two former New Jersey public officials in the infamous Bridgegate scandal found that their politically motivated scheme to limit access to the George Washington Bridge did not qualify as wire fraud because the goal was not to obtain money or property....

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