The U.S. Supreme Court declined on Monday to consider the U.S. Department of Justice's appeal of the Second Circuit’s landmark Newman decision on insider trading. Here, attorneys tell Law360 why the cert denial is significant.
Robert Horowitz, Greenberg Traurig LLP
“As explained in our article, 'Newman Not An Ideal Case For Defining Tippee Liability,' the government was asking the Supreme Court to review only one of the two independent grounds upon which the Court of Appeals reversed the defendants’ convictions. Therefore, even if the Supreme Court agreed with the government as to what would constitute a ‘personal benefit’ sufficient to find tipping liability, it would not have resulted in the reinstatement of the convictions or required a new trial.”
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