Case Study: SEC V. Obus

Law360, New York (September 17, 2012, 12:09 PM EDT) -- The U.S. Securities and Exchange Commission won a significant victory in the Second Circuit, securing a reversal of summary judgment in a closely watched insider trading case. SEC v. Obus, Docket No. 10-4749 (2nd Cir. Decided Sept. 6, 2012). Perhaps even more significant than the SEC victory is the court’s discussion of insider trading law and its resolution of a key issue regarding tipper liability.

The case centers on the acquisition of SunSource Inc. by Allied Capital Corporation, announced June 19, 2001. Following the acquisition, the...
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