Business Crimes Bulletin

The reach of insider trading law is not fixed by anything Congress wrote. It expands as prosecutors and courts apply fraud statutes to new instruments, new markets, and new sources of duty. So where does that leave the soldier or a senator who bets on a forthcoming raid they are privy to knowledge of?

This article discusses three open issues following Dubin v. United States: How appellate courts have been interpreting the “at the crux” language; an emerging circuit split as to whether district courts must specifically instruct juries on the “at the crux” test; and questions not answered in Dubin that will be subject to further development.

Given its widespread use and popularity, AI-related issues have unsurprisingly begun to feature prominently in recent securities cases. These issues range from allegations of “AI washing” and overstated AI capabilities to disputes over whether clients’ use of generative AI tools can be shielded by the attorney-client privilege.

Clients have pushed back on what they are willing to pay for since long before anyone heard of a large language model. AI is the latest chapter in a long story about legal fees. But it introduces a wrinkle that prior tools did not.

The U.S. Securities and Exchange Commission introduced sweeping reforms in May meant to incentivize more initial public offerings, lowering the costs for companies to go public and making it easier to raise capital once they do.