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Lawyers Weigh In On DOJ’s Newman Appeal To High Court

July 30, 2015

Law360
By Cristina Violante

The U.S. Department of Justice has petitioned the U.S. Supreme Court to overturn its ruling in U.S. v. Newman et al. that raised the bar for prosecuting insider trading cases. Here, attorneys tell Law360 why the appeal is significant.

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Rimma Tsvasman, Montgomery McCracken Walker & Rhoads LLP

“If the Supreme Court decides not to hear the case or, after Supreme Court review, the court affirms the Second Circuit’s decision, it would represent an important clarification to the securities law landscape, raising the bar on prosecution of one of the most common forms of insider trading, which involves downstream tipping to individuals somewhat removed from the ‘insider.’ It would also be a blow to U.S. Attorney Preet Bharara’s legacy in aggressively policing Wall Street in the area of insider trading.”

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