Insider Trading

  • money cash pile of money benjamins

    Finance

    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?

    31 Comments / / Dec 11, 2014 at 10:11 AM
  • Exam

    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
  • Bharara,_Preet_Headshot-RF

  • Aggressive businessman with boxing gloves

    Bankruptcy, Biglaw, Dewey & LeBoeuf, Insider Trading, Law Schools, Morning Docket, Murder, S.D.N.Y., State Judges Are Clowns

    Morning Docket: 07.09.14

    * Alan Jacobs, Dewey’s bankruptcy trustee, says his clawback suit shouldn’t be stayed during the defendants’ criminal cases — after all, he doesn’t want their assets to dry up while they “scramble to defend themselves.” [New York Law Journal]

    * Rengan Rajaratnam, Raj Rajaratnam’s little brother, was acquitted in his insider trading conspiracy case. It’s the first defeat in Preet Bharara’s financial crackdown against hedge funds. Tough break, dude. [DealBook / New York Times]

    * Sore loser? Andrew J. Weinstock, the public defender who got into a fight with Judge John “I’ll Just Beat Your Ass” Murphy, resigned from his position in protest of the judge’s return to the bench. [WSJ Law Blog]

    * There are many things nontraditional applicants should ask before going to law school, including, but not limited to, whether they’ll ever be able to find employment after graduation. [U.S. News & World Report]

    * Oscar Pistorius’s attorney closed his defense of his client in the ongoing murder trial, and Judge Thokozile Masipa has adjourned all arguments in the controversial case until next month. [Bloomberg]

    4 Comments / / Jul 9, 2014 at 9:05 AM
  • 220px-Phil_Mickelson_@_2008_US_Open,_Torrey_Pines,_San_Diego,_CA

    Barack Obama, Books, Golf, Insider Trading, Legal Ethics, Non-Sequiturs, Summer Associates, Tax Law

    Non-Sequiturs: 06.13.14

    * While you weren’t looking, Phil Mickelson was cleared of insider trading of Clorox options. How does Lefty get his reputation back? Shooting better than 70 at Pinehurst would help. [mitchellepner]

    * Lat reviews The Good Lawyer by Douglas O. Linder and Nancy Levit. [Wall Street Journal]

    * Canada grants asylum to Florida sex-offender. Maybe Canada can give a hand to Crystal Metheny. [National Post]

    * Lawyer charged with stealing from clients defends himself: “[Wife] had become accustomed to a lavish lifestyle that generated living expenses of $40K per month.” Well then! [Seattle Post-Intelligencer]

    * Can President Obama just raise taxes unilaterally? Apparently so. [DealBook / New York Times (gavel bang: TaxProf Blog)]

    * So as I read this, someone who definitely bought prostitutes to influence people is accusing someone else of allegedly buying prostitutes to influence people. [Forbes]

    * How to make the most of your summer associate experience and not screw up spectacularly (though if you choose to screw up spectacularly, please do it in a reportable way). Video below… [Mimesis Law]

    1 Comment / / Jun 13, 2014 at 4:38 PM
  • fifty_shades_grey_cover

    Eavesdropping / Wiretapping, Insider Trading, Labor / Employment, Law Professors, Law Schools, Non-Sequiturs, Paralegals, Technology

    Non-Sequiturs: 06.02.14

    Crim Law exam features Fifty Shades of Grey prequel as fact pattern. [Legal Cheek]

    * You’d think being in jail would be a pretty good alibi. But that’s not the Chicago Way! [Overlawyered]

    * How many law professors have wished they could say this before? “Don’t give me any of your s**tty papers and you get an A.” [Critical-Theory via TaxProf Blog]

    * Lawyer powerlifting to raise money for mentoring programs. Because donating to charity is more fun when it comes with the risk of severe groin injuries. [Chicago Tribune]

    * U.S. News has a list of ways being a paralegal first can help with law school. It’s dumb. There’s only one reason paralegal experience helps and that’s to meet practicing lawyers and figure out whether or not law school is even worth it. [U.S. News]

    * In the past, Professor Nancy Leong was accused of narcissism. But she doesn’t seem to be attention-seeking at all based on this publicly posted shot. Maybe she can post that on Ashley Madison and see what happens… [Instagram]

    * Regulating imports could drastically improve labor conditions around the world (and potentially bring more jobs back home). But that could curtail profits by a smidgeon so let’s table that discussion. [Lawyers, Guns & Money]

    * A former AUSA on the Phil Mickelson/Carl Icahn insider trading case and wiretaps. [mitchellepner]

    * John Oliver made a powerful appeal to the Internet to take action in defense of Net Neutrality. If you want to know what you can do (or don’t even understand the issue) and laugh at the same time, the video is embedded below… [Huffington Post]

    4 Comments / / Jun 2, 2014 at 5:01 PM
  • 'We're not Case Western Reserve Law.'

    6th Circuit, Antonin Scalia, Biglaw, Federal Judges, Gay, Gay Marriage, Insider Trading, Law School Deans, Law Schools, Morning Docket, SCOTUS, Supreme Court

    Morning Docket: 03.24.14

    * Justice Antonin Scalia isn’t quite ready to publicly weigh in on whether computer data is considered a protected “effect” under the Fourth Amendment. “[T]hat may well come up [before the Supreme Court],” he says. Thanks NSA. [Business Insider]

    * “[I]t doesn’t take many bad apples in a barrel to cause a stink.” No matter how hard Biglaw firms try to keep their confidential information locked down, someone’s going trade on it. It looks like STB is learning that the hard way. [Wall Street Journal (sub. req.)]

    * The day after Michigan’s ban on same-sex marriage was struck down by Judge Bernard Friedman, couples who rushed to marry were met with some serious Sixth Circuit sadness. Way to stay and spoil all of the celebrations, judges. [New York Times]

    * “We’re not the Cleveland Browns,” says one of Case Western Law’s interim co-deans. With that kind of a glowing endorsement, we don’t see how this law school could possibly fail. [Crain’s Cleveland Business]

    * Rutgers Law-Newark has a new low-bono fellowship program “believed to be the first of its kind in the nation.” Some other law schools might have a bone to pick about that statement. [New Jersey Star-Ledger]

    4 Comments / / Mar 24, 2014 at 9:09 AM
  • business crime

    Biglaw, Insider Trading, Securities and Exchange Commission, Securities Law, Wall Street, White-Collar Crime

    Biglaw Employee Charged In $5.6 Million Insider Trading Scheme

    At which elite law firm did the defendant work, and from which school did he receive his law degree?

    25 Comments / / Mar 19, 2014 at 12:19 PM
  • fb

    Crime, Facebook, Gay, Insider Trading, Non-Sequiturs, Patents, Supreme Court, Tax Law

    Non-Sequiturs: 02.20.14

    * Congrats to Weil Gotshal and Fenwick & West for getting in on Facebook’s $19 billion acquisition of WhatsApp, the biggest Internet deal in a decade. [The Recorder]

    * In South Carolina, you can get arrested for crimes that aren’t even things any more. Like “failure to return a VHS tape.” [Lowering the Bar]

    * Drunk lawyer at heart of alleged insider trading scheme. [Dealbreaker]

    * Did LBJ colossally screw up the Supreme Court? [Concurring Opinions]

    * Were you curious about who would be on the Mount Rushmore of Tax Law professors? No? Well, here they are anyway. [TaxProf Blog]

    * The so-called “trial penalty” is really a myth and empirical data confirms that defendants who reject plea deals and go to trial actually garner a “trial discount.” Yep, prosecutors aren’t overreaching at all. [PrawfsBlawg]

    * President Obama called for patent law reform in the State of the Union address. Now we have some insight into what he’s thinking about. [Patently-O]

    * Congratulations to Matthew Skinner, the next executive director of the LGBT Bar Association of Greater New York! [LeGal]

    0 Comments / / Feb 20, 2014 at 5:00 PM

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