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Sens. Unveil Insider Trading Bill In Wake Of Newman

Law360, New York (March 11, 2015, 1:31 PM EDT) -- Two Democratic senior members of the U.S. Senate Banking Committee on Wednesday introduced a bill that would broadly define insider trading in response to the Second Circuit’s Newman ruling, following a similar proposal in the U.S. House of Representatives.

The Stop Illegal Insider Trading Act, introduced by Sens. Jack Reed, D-R.I., and Bob Menendez, D-N.J., would make it illegal for a person to trade securities based on material information that he or she knew or had reason to know was not publicly available — regardless of whether the individual knew that the source of the tip had a fiduciary duty or...

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