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Expert Analysis

Rakoff Addresses Tippee Liability In SEC V. Payton

By Jonathan Richman, Proskauer Rose LLP (December 2, 2016, 12:15 PM EST) -- U.S. District Judge Jed Rakoff denied motions for judgment as a matter of law or for a new trial after a jury found the defendants civilly liable for insider trading. The decision in U.S. Securities and Exchange Commission v. Payton (S.D.N.Y. Nov. 29, 2016) held that the jury had sufficient evidence to conclude that the initial tipper of inside information had misappropriated it and passed it on in breach of a duty of confidence and in exchange for a personal benefit — and that the defendant remote tippees had consciously avoided learning of the tipper's breach of duty....

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