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Misappropriation Theory Of Insider Trading In Talbot

Law360 (July 23, 2008, 12:00 AM EDT) -- The U.S. Court of Appeals for the Ninth Circuit recently ruled that J. Thomas Talbot may be held liable under the federal securities laws for trading on material inside information concerning LendingTree, Inc., even though he was not in a “continuous chain of fiduciary relationships” with LendingTree.[1]

Talbot obtained this inside information in his capacity as a director of Fidelity National Financial, Inc., a large LendingTree shareholder. While the Court did not rule on the issue of materiality, it did reverse the lower court’s order for...
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