Attorneys React To 2nd Circ.'s Insider Trading Ruling

Law360, New York (December 10, 2014, 4:44 PM EST) -- In a landmark insider trading ruling Wednesday, the Second Circuit set a stricter standard for prosecuting people who are one or more layers removed from sources of confidential information, overturning the convictions of hedge fund managers. Here, attorneys tell Law360 why the ruling is significant.

Michael P. Abate, Dinsmore & Shohl LLP

"The Second Circuit's decision appears to be more a matter of doctrinal housekeeping than an attempt to raise the bar for bringing insider trading prosecutions. The court characterized the district court's holding — that the government need not prove a tippee knew that the tipper received some personal benefit...

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