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Insider Trading Liability
In the wake of recent insider trading decisions issued by the U.S. Courts of Appeal for the Second and Ninth Circuits, the Supreme Court has granted certiorari to determine if proof of a close family relationship is enough to satisfy the personal benefit requirement laid out in previous decisions addressing tipper-tippee liability under Section 10 of the Securities Exchange Act of 1934. See Salman v. United States, cert. granted, __U.S.__ (No. 15-628) (Jan. 19, 2015). The forthcoming decision will undoubtedly set the table for all future insider trading actions brought by both the government and private parties, forcing individuals and firms to adjust their practices to the Court's holding in order to guard against exposure to potential insider trading liability.
Supreme Court Precedent
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.