Insider Trading

  • Keila Ravelo

    Morning Docket

    Morning Docket: 11.13.15

    * Steven Metro, an ex-managing clerk at Simpson Thacher who was accused of passing insider info about mergers and other business transactions to his law school buddy in a $5.6 million insider trading scheme, has pleaded guilty. He faces up to 20 years in prison. [Reuters]

    * Remember Keila Ravelo, the Willkie Farr partner who allegedly stole millions from that firm and her prior firm, Hunton & Williams? It turns out her involvement in the $5.7 billion MasterCard/Visa antitrust settlement could ultimately become its kiss of death. [Big Law Business / Bloomberg]

    * Chief Judge Morrison England (E.D. Cal.) says he and his colleagues are incredibly overworked, sometimes putting in more than 80 hours per week. It’s too bad it doesn’t make a difference — the court is at a “crisis point” in its backlog of cases. [WSJ Law Blog]

    * Last summer, a federal judge ruled the death penalty was unconstitutional in California because an appeals process with the “slight possibility of death” was cruel and unusual. Here’s a real shocker: the Ninth Circuit overturned the decision. [New York Times]

    * Embattled Pennsylvania AG Kathleen Kane is well past the point of having 99 problems, but there’s no end in sight. Former prosecutors have filed suit against her, alleging she retaliated against them for exposing her alleged criminal misdeeds. [Tribune-Review]

    38 Comments / / Nov 13, 2015 at 8:59 AM
  • Here you go, Northwestern!

    Morning Docket

    Morning Docket: 10.23.15

    * Any day Cadwalader can avoid damages in a huge, multimillion-dollar malpractice case is a great day. Yesterday, the New York Court of Appeals dismissed a never-ending suit filed against the firm by a former client over a failed commercial mortgage-backed securitization. Phew! [Big Law Business / Bloomberg BNA]

    * Say hello to Northwestern Pritzker Law: In case you missed it, Northwestern Law recently received a $100 million donation, the largest single gift ever made to a law school. For that much money, you’re damn right the school has a new name. [Chicago Tribune]

    * This must’ve been a huge blow to his ego… U.S. Attorney Preet Bharara had to dismiss insider trading charges against seven defendants thanks to a Second Circuit decision that made it harder to prosecute certain financial crimes. [DealBook / New York Times]

    * Charleston Law fired back against professors who sued the school by saying in its answer it wouldn’t be in such dire straits if they hadn’t “sabotaged the transfer of the school to InfiLaw.” Take that back, they did a good deed. [Charleston Regional Business Journal]

    * “Sorry, not sorry, narcs,” says Judge Breyer. Earlier this week, a California judge informed the DEA that it needed to stop harshing medical marijuana patients’ mellows by shutting down medical pot dispensaries that were operating within state laws. [TIME]

    41 Comments / / Oct 23, 2015 at 8:58 AM
  • marijuana pot cannabis

    White-Collar Crime

    Weed And White-Collar Crime

    Prosecutorial discretion swings both ways and that can be a problem.

    50 Comments / / Oct 22, 2015 at 11:53 AM
  • Damn you, bar exam!

    Morning Docket

    Morning Docket: 09.25.15

    * Why are so many law grads failing the bar exam? Law profs, a law dean, and a Biglaw recruiting specialist all have answers to this question… and only some of them come close to being satisfactory. [Room for Debate / New York Times]

    * Jurors in the Dewey & LeBoeuf trial have deliberated for five days thus far, and seem to be no closer to coming to a verdict than when they first started. They’re quibbling over thesaurus entries for the word “fake” (i.e., “fake income”). [Am Law Daily]

    * Thanks to the OnRamp Fellowship, more women lawyers are making a reentry into the legal profession through Biglaw firms than ever before. Participating firms now include Skadden Arps and MoFo, amongst others. Congrats! [Big Law Business / Bloomberg BNA]

    * Law school enrollment may be stagnant across the country, but at Colorado Law, it’s booming. The size of the school’s incoming class is 22 percent larger than last year’s was. What can we say other than students were sTOKEd to get in. [Boulder Daily Camera]

    * If you’re ever fired from your job, charged with insider trading, and the SEC wants access to your work phone, take heart in the fact that your personal passcode is just that — personal. The SEC can’t treat it as a business record thanks to this ruling. [WSJ Law Blog]

    * Richard Cudahy Sr., longtime Seventh Circuit judge, RIP. [Milwaukee Journal Sentinel]

    39 Comments / / Sep 25, 2015 at 8:58 AM
  • (Photo by: Jonathan Daniel/Getty Images)


    Non-Sequiturs: 08.26.15

    * District Judge Henry Wingate suspends Mississippi’s death penalty. The full written decision is expected later this week. [BuzzFeed]

    * Wondering why Roger Goodell is taking a hardline over Deflategate? He’s just acting like any good dictator and securing his power. [Washington Post]

    * Trying to get bail set in a massive insider trading case? It helps if you’ve got God as a character reference. [Dealbreaker]

    * Of all the dumb, stupid, obvious, %^$*#, frustrating AF horse hockey. Alabama is in the process of closing 45 out of 49 DMVs around the state. For the uninitiated: Alabama passed a strict voter ID law in 2011 and now there’s this new barrier to getting the proper identification. I guess it isn’t a stretch to pencil in Alabama as red in 2016. [Daily Kos]

    * In less depressing news, read contemporary coverage of the passage of the 19th Amendment. [The Nation]

    * … And right back to the depressing: a commenter places the blame for a lack of women lead counsel squarely with clients. Oh good, I was afraid for a minute that the legal industry might actually have to do something about gender issues. [What About Paris?]

    * Rest in peace, Amelia Boynton Robinson. The civil rights activist died today at age 104. Best known for her fight for voting rights in the 1965 “Bloody Sunday” march, she was portrayed by Lorraine Toussaint in the movie Selma. [WTOP]

    17 Comments / / Aug 26, 2015 at 5:20 PM
  • Morning Docket

    Morning Docket: 07.30.15

    * The National Association for Law Placement released slightly improved jobs numbers for the law school class of 2014, so yay? [National Law Journal]

    * The battle royale that pits local musicians versus Biglaw heavyweight Skadden continues to rage on. [Washington Post]

    * Guess what? Prosecutors don’t like the Second Circuit’s higher threshold for insider trading cases and now they’d like the Supreme Court to do something about it. [Wall Street Journal]

    * A group of merchants including Amazon, Wal-Mart and Starbucks want the $7 billion settlement negotiated over interchange fees with Visa, Mastercard and American Express in an antitrust case vacated due to attorney Gary Friedman’s alleged misconduct. [Law360]

    * Don’t cha love it when media scandals become real life litigation? All your deflategate legal questions answered. [Stradley Law]

    16 Comments / / Jul 31, 2015 at 8:53 AM
  • Kent and Jill Easter

    Morning Docket

    Morning Docket: 01.19.15

    * On Friday, the Supreme Court agreed to evaluate the constitutionality of same-sex marriage, and this is perhaps the definitive article on how the justices have been preparing the nation for marriage equality. Get ready for some big gay weddings this summer. [BuzzFeed]

    * Smile for the camera! Kent and Jill Easter, the infamous helicopter-parenting lawyers who went to jail for attempting to frame a volunteer at their son’s school on drug charges, found themselves at the center of a 20/20 story. [ABC News]

    * With it being highly likely that the Supreme Court will declare bans on same-sex marriage by the states unconstitutional, people are wondering which justice will be the one the vote hinges upon. Could it be Chief Justice Roberts? [New Republic]

    * Come on now, the swing vote in the same-sex marriage cases will obviously be Justice Kennedy. The legal tea leaves have been read, and with his majority opinions in Romer, Lawrence, and Windsor, the future has been foretold. [WSJ Law Blog]

    * Steven Metro, the former managing clerk of Simpson Thacher’s New York office, was finally indicted after being charged with insider trading almost one year ago. If you’re interested, flip to the next page to see the juicy indictment. [Am Law Daily]

    * In a new report, the Texas attorney general’s office concluded the forgivable faculty loan program at UT Law not only violated school rules, but also “set into motion a lack of transparency that ultimately led to a lack of accountability.” [Texas Tribune]

    7 Comments / / Jan 19, 2015 at 9:00 AM
  • money cash pile of money benjamins


    Second Circuit Reverses Major Insider Trading Convictions (or Preet Bharara’s Terrible, Horrible, No Good, Very Bad Day)

    In a widely anticipated decision, the Second Circuit on Wednesday clarified the standard for insider trading actions against tippees, downstream recipients of inside information who trade on that information.

    / Dec 16, 2014 at 12:17 PM
  • Bharara_Preet_Headshot-300x420

    White-Collar Crime

    The Second Circuit Slaps Down Preet Bharara’s Insider Trading Prosecutions

    Are there really so few people committing crimes in Manhattan that they have to prosecute people who are committing maybe crimes?

    32 Comments / / Dec 11, 2014 at 10:11 AM
  • Aww, the ABA wants you back, LSAT.

    Antonin Scalia, Bar Exams, Biglaw, Clarence Thomas, Gay Marriage, Insider Trading, Law Firm Mergers, Morning Docket, SCOTUS, Small Law Firms, Supreme Court, Video games

    Morning Docket: 11.13.14

    * Look, ma, no Justice Kennedy! Over the dissent of Justices Scalia and Thomas, the Supreme Court quickly lifted its earlier stay on allowing same-sex marriages to go forward in Kansas. [USA Today]

    * Sources say were it not for Bingham McCutchen’s malpractice settlement with the former owner of the Dodgers, Morgan Lewis would’ve walked away from the potential merger deal. #blessed [Am Law Daily]

    * Mathew Martoma, the would-be lawyer who was expelled from Harvard Law for faking his transcripts, was denied his bid for bail pending appeal on an insider trading conviction. [DealBook / New York Times]

    * Up, Up, Down, Down, Left, Right, Left, Right, B, A, Start: The ex-general counsel to Occulus VR started his own firm and angel investment company to address the needs of video game companies. [Gamasutra]

    * New York is holding off on adopting the Uniform Bar Exam, at least for a little while longer, mostly because “the[re] is just not enough turnaround time to do it for July ’15.” Hooray? [New York Law Journal]

    26 Comments / / Nov 13, 2014 at 9:02 AM
  • Fire

    Cars, Contracts, Guns / Firearms, Insider Trading, Law Schools, Money, Morning Docket, Police

    Morning Docket: 10.24.14

    * Thanks to this Government Accountability Office ruling, the company that cleared NSA leaker Edward Snowden and Navy Yard shooter Aaron Alexis may lose a $210M contract. [Legal Times]

    * After being acquitted on insider trading charges, Rengan Rajaratnam agreed to settle the civil suit filed against him for a cool $840K. At least he’s not in jail like his brother. [DealBook / New York Times]

    * Those interested in going to law school may want to know that Philadelphia is purportedly home to some of the cheapest law schools in the country — not Penn Law, though, sorry ’bout that. [Main Street]

    * Professors at WUSTL Law held a “teach-in” to discuss the Michael Brown police shooting case. According to them, the likelihood Darren Wilson will be federally charged is “slim to none.” [Student Life]

    * Attack of the aggrieved ex: a man drove a burning pickup truck loaded with explosives into a law firm, destroying much of the building. He had apparently dated one of the firm’s former clients. [Virginian-Pilot]

    19 Comments / / Oct 24, 2014 at 7:32 AM
  • Insider trading tastes delicious!

    Barack Obama, Biglaw, Books, Crime, Insider Trading, Law Schools, Morning Docket, Politics, Securities Law

    Morning Docket: 09.22.14

    * Politics and Biglaw just don’t mix: House Republicans hired Quinn Emanuel to handle their suit against President Barack Obama after Baker Hostetler withdrew from the representation due to “political pressure” the firm was facing. [Politico]

    * The paper and napkin-eating “Middleman” in the post-it note insider trading ring pleaded guilty to securities fraud charges. This might make it difficult for his cohorts to substantiate their not-guilty pleas. [DealBook / New York Times]

    * “This is a tale with no shortage of knaves or villains.” If you’re interested in learning about Chevron’s legal wranglings in Ecuador and with plaintiffs attorney Steven Donziger, there are a bunch of interesting new readings for you to peruse. [WSJ Law Blog]

    * Crisis in legal education be damned! They may have bad timing, but these law schools are focusing on building bigger and better facilities for students they’re unable to put in their seats. [National Law Journal]

    * Ohio law schools have taken a bruising in terms of decreased enrollment, but the University of Toledo has faced the worst of it. With a 25.9% reduction in 1Ls, tuition cuts can only do so much. [Toledo Blade]

    1 Comment / / Sep 22, 2014 at 9:07 AM
  • iPhone

    Books, Contract Attorneys, Election Law, Insider Trading, Non-Sequiturs, White-Collar Crime

    Non-Sequiturs: 09.17.14

    * Law student sends naked selfie to her father. Hilarity ensues. [Inside Edition]

    * “Is insider trading bad?” Asking for a friend. [The Atlantic]

    * Judge catches law firm cheating on the page limit. Apparently, Judge Carl Barbier was well-versed in the “slightly less than double-spaced” trick. [NPR]

    * What’s the matter with (statutory interpretation in) Kansas? [KSN]

    * You may have heard that technology is going to gut the market for low-level lawyering. If not, here’s a wakeup call. [Forbes]

    * This year’s MacArthur genius grant recipients. Is your name on the list? SPOILER: No. But a William Mitchell Law professor is. [New York Times]

    * Steve Klepper’s fair-minded and favorable review of Lat’s forthcoming book, Supreme Ambitions (affiliate link). [Maryland Appellate Blog]

    4 Comments / / Sep 17, 2014 at 5:05 PM
  • angry handcuffs

    2nd Circuit, Biglaw, Immigration, Insider Trading, Law Schools, LSAT, Media and Journalism, Morning Docket, Plaintiffs Firms

    Morning Docket: 09.17.14

    * Uh oh! The Second Circuit is having a copy/paste problem in that it copied and pasted the wrong legal standard into twelve of its immigration opinions from 2008 to 2012. Embarrassing. [WSJ Law Blog]

    * Am Law named the grand prize winners of the magazine’s Global Legal Awards for the best cross-border work in corporate, finance, disputes, and citizenship. Was your firm honored? [Am Law Daily]

    * An attorney at this Louisiana law firm was apparently attacked by a co-worker’s husband who claimed that the lawyer was behind his cuckolding. We may have more on this later. [Louisiana Record]

    * A computer systems engineer at Wilson Sonsini has been charged with insider trading. This is the second time in three years that an employee from the firm has been charged with this crime. [Bloomberg]

    * The best way to navigate common mistakes in the LSAT logical reasoning section is to display your logical reasoning capabilities by not taking the LSAT right now. [Law Admissions Lowdown / U.S. News]

    2 Comments / / Sep 17, 2014 at 9:00 AM
  • Judge Jill Pryor

    11th Circuit, Biglaw, Dewey & LeBoeuf, Drugs, Federal Judges, Insider Trading, Judicial Nominations, Law Firm Mergers, Marijuana, Morning Docket, Privacy, Wall Street

    Morning Docket: 09.09.14

    * Mathew Martoma, the former Harvard law student who fabricated his transcript when applying for clerkships, gets nine years in prison for insider trading. [DealBook / New York Times]

    * If Bingham McCutchen moves forward on merger talks with Morgan Lewis, a bunch of Bingham partners might bail. [American Lawyer]

    * Congratulations to Judge Jill Pryor, who will join Judge Bill Pryor on the Eleventh Circuit. [Fulton County Daily Report]

    * Can you be fired for medical marijuana in Colorado, where the drug is legal even for recreational purposes? [ABA Journal]

    * Dewey have some good news for the embattled ex-leaders of the defunct law firm? [New York Law Journal]

    * Home Depot is the latest major retailer to be hit by a data breach. [Washington Post]

    1 Comment / / Sep 9, 2014 at 9:14 AM
  • Rengan Rajaratnam and Dan Gitner

    Boutique Law Firms, Fashion, Hair, Insider Trading, Quote of the Day

    A Law Firm’s Absurd Personal Grooming Rule That Brings Winning Results At Trial

    A wacky superstition that seems to work for this litigation partner.

    9 Comments / / Jul 22, 2014 at 3:42 PM
  • iStock_000000588706Small

    Biglaw, Golf, Insider Trading, Partner Issues, Securities and Exchange Commission, White-Collar Crime

    Biglaw Partner Charged With Insider Trading On The Golf Course

    Caddyshack meets Wall Street as golfing buddies — including a pair of lawyers — are accused of insider trading.

    8 Comments / / Jul 15, 2014 at 12:54 PM
  • angry handcuffs

    Biglaw, Crime, Insider Trading, Quote of the Day

    Life Isn’t All It’s Cracked Up To Be For Biglaw Attorneys At ‘Club Fed’

    A look into what it’s like to live and work at “Club Fed” as a former attorney.

    7 Comments / / Jul 10, 2014 at 3:15 PM