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Litigators Fear Congressional Fixes To Newman

Law360, New York (March 31, 2015, 1:28 PM EDT) -- The latest of three proposed insider trading bills may be more comprehensive than the first two, but securities litigators fear a congressional answer to the Second Circuit’s landmark Newman decision may be a bad idea no matter what.

The first bill, known as the “Ban Insider Trading Act of 2015," was introduced by Rep. Stephen F. Lynch, D-Mass., on Feb. 27, just a month after Manhattan U.S. Attorney Preet Bharara asked the Second Circuit to reconsider its December ruling to overturn the insider trading convictions of two hedge fund managers and significantly narrow the scope of what makes insider trading a...

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