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Clifford Chance

Clifford Chance


U.S. Supreme Court Refuses to Hear Controversial Insider Trading Case

7 October 2015

DOJ left with strict standards to prove insider trading under "tipping" theory in the Second Circuit.

On October 5, 2015, the U.S. Supreme Court denied the U.S. Solicitor General's petition for writ of certiorari to review the Second Circuit's controversial 2014 insider trading decision, United States v. Newman, 773 F.3d 438 (2d Cir. 2014). The Supreme Court's denial means that Newman will remain good law in the Second Circuit—a proposition that has far-reaching implications for future insider trading enforcement.

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