United States v. Newman: Road bump in insider-trading prosecutions

June 1, 2015

Types : Bylined Articles

The 2nd U.S. Circuit Court of Appeals sent shock waves through the realm of insider-trading prosecutions with its decision in United States v. Newman, 773 F.3d 438 (2014). On the heels of a successful string of insider-trading prosecutions, the U.S. attorney’s office for the U.S. District Court for the Southern District of New York suffered a setback in Newman, which (depending on one’s perspective) either merely clarified existing standards or imposed heightened ones on the government. These standards particularly relate to the “personal benefit” element required in insider-trading cases.

Since the decision, defendants have seized the opportunity – with mixed results – to stave off prosecution by wrapping themselves in Newman’s protections.


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