Insider Trading

Morning Docket: 09.30.13

* If the government shuts down and then defaults on its debt, Wall Street worries that it would “shake the foundations of the global financial system.” Hooray for political asshattery! [DealBook / New York Times] * At least six of the Supreme Court’s judicial precedents are up for reconsideration in the upcoming Term, and high court commentators think the resulting decisions could be a mixed bag. [National Law Journal] * Apparently low-income New Yorkers’ legal problems are “not worthy of a ‘real lawyer,’” or at least that’s the message that will be given if non-lawyers are allowed to provide legal services. [New York Law Journal] * Sorry, lady, not enough prestige. A Brazilian journalist was allegedly on the receiving end of some “extremely violent” police behavior at Yale Law School after attempting to interview Justice Joaquim Barbosa at a private event. [The Guardian] * Mark Cuban’s insider trading case is heading to trial today, but we genuinely wonder how he’ll be able to convince a jury that he’s “humble and affable,” rather than the “master of the universe.” [Boston Herald]

Tipsy Partner Tipped Insider Trading Defendant, SEC Alleges

The SEC alleges that an attorney disclosed inside information after way too much wine.

SAC’s Rigorous Compliance Training Focused On Coming Up With Euphemisms For Insider Trading

The indictment that the Justice Department just filed against SAC Capital is something to behold.

Morning Docket: 07.25.13

* It’s just business as usual: Amid accusations of liberal court-packing, D.C. Circuit nominee Nina Pillard faced questions on abortion and religion during her testimony before the Senate Judiciary Committee. [USA Today] * Biglaw isn’t as dead as we’ve been told and made to believe. Some of the largest firms are actually doing quite well, says American Lawyer’s editor-in-chief, who’d like her job to retain some meaning for now. [Am Law Daily] * Fried Frank knew that it’d take a banker to pull the firm from its monetary funk, so it picked up David Greenwald, deputy general counsel of Goldman Sachs, to act as co-chair through 2015. [New York Law Journal] * With the change in SEC policy, from allowing companies to use neither-admit-nor-deny language, to forcing them to admit guilt in “egregious” cases, lawyers may soon be very busy. [Corporate Counsel] * Raj Rajaratnam is a firm believer in the “three strikes and you’re out” theory of law. A month after the Second Circuit affirmed his insider trading conviction, he’s asking for a rehearing en banc. [Bloomberg]

Non-Sequiturs: 07.23.13

* The D.C. Circuit has banned the import of Sodium Thiopental, putting a crimp in the plans of any state looking to administer lethal injections. This is where Delaware has it right… no one is going to outlaw rope. [The Volokh Conspiracy] * Steve Cohen didn’t read 89 percent of his emails. In his defense, “I think I’m guilty of insider trading” and “I am a Nigerian Prince” are probably both getting caught by the spam filter. [DealBreaker] * Sequestration has put the pinch on the rights of indigent federal defendants to receive legal representation. But at least our airlines are shielded from hardship. [PrawfsBlawg] * “Just as Justice Scalia predicted in his animated dissent, by virtue of the present lawsuit, “the state-law shoe” has now dropped in Ohio.” [USA Today] * Wire Lawyer is running a competition among law school alumni to see which schools are the most technologically progressive. What do you know, people from Seattle and California are winning a technology competition. [Wire Lawyer] * Hall of Famers Art Monk and Darrell Green have joined the movement to get Washington to stop using the ‘Redskins’ name. [ESPN] * Bloomberg takes a look at the legal controversy brewing around unpaid internships. Video after the jump… [Bloomberg Law via YouTube]

Morning Docket: 07.10.13

* “Can you imagine if a law firm had a breach? We wouldn’t work with them again.” In-house counsel are pissed that outside counsel CHECK THEY EMAILS on cellphones. [Am Law Daily] * Matt Kluger’s 12-year insider trading sentence was upheld by the Third Circuit. All of the Biglaw firms he’s worked at, most recently Wilson Sonsini, must be so proud. [WSJ Law Blog (sub. req.)] * Shots fired: a tax law professor decimates Seton Hall in prose over its decision to possibly kick untenured junior professors to the curb due to budget considerations. [DealBook / New York Times] * Do yourselves a favor, and don’t worry about how to “demystify the LSAT experimental section” during the test — unless you want a crappy score. [Law Admissions Lowdown / U.S. News & World Report] * Pass the ammunition? After facing a court-mandated deadline from the Seventh Circuit, Illinois is now the last state in the country to have legalized the concealed carrying of firearms. [Chicago Tribune] * Now that SCOTUS has punted on the question of gay marriage, other plaintiffs are stepping forward to sue for the right to wed. Next up, a challenge to Pennsylvania’s ban on equality. [Legal Intelligencer] * James “Whitey” Bulger let f-bombs fly across the courtroom during his trial yesterday when his former partner took the stand to testify against the mob boss. Once a Masshole, always a Masshole. [CNN]

A Big House For A Big Man: A Raj Rajaratnam Ruling

Keep those spirits high, Raj, because you're going to be in the slammer for a while.

Non-Sequiturs: 06.19.13

* I’ll get into this more tomorrow (unless Fisher drops), but Washington & Lee’s third year “experiential learning” program has met with underwhelming results in terms of job placement. Theories abound as to why, but this is basically why I say (a) the third year is useless, and (b) stop telling me what your law professors can do, and start telling me what your career services officers are doing. [Tax Prof Blog] * I guess they didn’t like the way they looked. [Yahoo Finance] * Hey, it’s another article beating up on Don Verrilli. I’m going to be really happy for him when he leaves, makes a ton of money, and sticks it all in his ears. [Forbes] * An insider trading loophole big enough to drive a material non-public truck through it. [Dealbreaker] * Husch Blackwell gets bigger in Texas. [Kansas City Star] * Roy Cho, the Kirkland & Ellis associate currently running for Congress, gets a coveted endorsement — from the Wu-Tang Clan! [NJ.com] * A nice review for Marcia Coyle’s new book, The Roberts Court (affiliate link). It’ll be fun to see how the Court looks at this moment in time, before what will surely be viewed as legacy-defining decisions on race and gay rights coming any minute now. [Seattle Times] * Justice Ginsburg is optimistic about the future of women on the court. She’s also optimistic about the future of skeletons on the court, and she’s super-excited about the possibility of downloading her brain into a robotic body so that she can keep her job forever. [Blog of the Legal Times]

Non-Sequiturs: 06.10.13

* The first rule of Insider Trading Club is, you do not send discoverable e-mails about Insider Trading Club. [Dealbreaker] * Arnold & Porter staged a mock Olympics last time around. Now we’re just waiting for the other shoe to drop and we learn that the antitrust group was doping. [Washington Post] * Georgetown Law student Bindhu Parmathi crowned Miss District of Columbia! She will go on this September to participate in the Miss America pageant (aka “The pageant that Donald Trump doesn’t own). [The Examiner] * To recap: TSA took the stance that knives should be allowed on planes, but balked at fictional Jedi weapons. Yay America! [Lowering the Bar] * Illinois passes some of the strictest fracking regulations in the country. That’s a reference to hydraulic fracturing. Not just dropping Battlestar Galactica references. [Breaking Energy] * Indiana thinks it can discipline lawyers for criticizing a judge via private email. I would say that’s an insane misreading of the law, but I don’t want to get disciplined in Indiana, which sounds like the terrible prequel to Fifty Shades of Grey (affiliate link). [The Indiana Lawyer] * Five businessmen take off their pants to protest taxes. This is a bad precedent. I don’t want to see any of these Tea Party folks take off their pants. [TaxProf Blog] * Congrats to ATL reader Alicia Long, as well as co-author Jayne Jones, on publishing their new book Capitol Hell. [Amazon (affiliate links)] * The Judge Edith Jones incident should raise the national concern to improve diversity on the bench. But it won’t. [Judicial Clerk Review] * More follow-up on CBS’s improper campaign ad totally objective news documentary “Brooklyn D.A.” [New York Daily News] * If fans in the front row of your concert start holding out papers for you to grab, DON’T DO IT! Unless you want to get sued. Video after the jump, courtesy of Gawker…

Morning Docket: 06.06.13

* AG Eric Holder sat down and had a little chat about what’s been going on at the Justice Department. He’s not impressed with his agency’s work, but he claims he’s not stepping down just yet. [NBC News] * “Can you hear me now?” Oh, Verizon, what an apropos slogan you’ve got considering the latest government scandal. The NSA has been spying on you through your phone records since late April. [Guardian] * Lawyers for Matthew Martoma still want more time to comb through millions upon millions of documents in their client’s insider trading case, but it seems rather pointless after a judge’s kiss of death. [Reuters] * Looks like she got her wish: thanks to Judge Michael Baylson, a little girl with terminal cystic fibrosis may have a better chance at getting a longer lease on life in this donor lung transplant case. [CNN] * Being a politician didn’t really work out so well for him, so John Edwards is going to try his hand at being a lawyer again. Just think of all of the lovely ladies he’ll be able to pick up as clients. [USA Today] * Speaking of former public servants who are getting back into the law, Ken Salazar will be opening the Denver office of WilmerHale — and when it comes to pay, he’s got a “very good package.” [Denver Post] * And not to be forgotten, famous flip-flopper Joe Lieberman will be taking his services to Kasowitz Benson. We certainly hope the firm will appreciate his superior legal mind. [WSJ Law Blog (sub. req.)] * The ABA is considering law school job data collection 10 months after graduation, instead of nine, because bar exam results come out so late. Like that extra month will help… [National Law Journal] * Erika Harold, a Harvard Law grad and ex-Sidley associate known for her reign as Miss America, is running for Congress in Illinois. What will she she do for the talent portion of the competition? [Politico]

Morning Docket: 04.17.13

* “Yes, it is true.” Justice Scalia admitted in a speech this week that he was guided to the right by his colleague, Justice Thomas, who’s apparently “a very stubborn man.” [Wall Street Journal (sub. req.)] * It’s about time to say so long to your ticking tax time bomb: in President Obama’s proposed budget for 2014, he eliminates taxes on forgiven loan debt under all IBR plans. [Bucks / New York Times] * “I am the luckiest man in the world.” Larry Macon, an Akin Gump partner from Texas, had nearly finished the Boston Marathon when the bombs exploded, but lived to tell his tale. [Am Law Daily] * Because sometimes you need to steal $374K worth of copy toner. This ex-Fried Frank staffer pleaded guilty to grand larceny, and is looking at up to 15 years in jail. [Thomson Reuters News & Insight] * Judge Victor Marrero isn’t a fan of SEC policy, but when it comes to this civil insider trading case, SAC Capital may get to walk away without admitting or denying anything. [DealBook / New York Times] * This Yale Law graduate is suing Brooks Brothers over a three-button suit, and wants $2K for the 90 minutes he spent arguing over it in the store. Who is the $1320/hour man? [New York Daily News]

Morning Docket: 03.22.13

* If you’re looking for an easy résumé line, then consider joining the Supreme Court bar, an elite organization that doesn’t check to see if its members are still alive. All you need is three years of practice, two signatures, and $200. [Associated Press] * Stanley Chesley, the master of disaster himself, was disbarred for his “shocking and reprehensible” conduct in a fen-phen case. His wife, U.S. District Court Judge Susan Dlott of the Southern District of Ohio, must be oh so pleased. [Courier-Journal] * Howrey like dem apples now? Some of Howrey’s former partners, including ex-chairman Robert Ryuak, all lined up to make deals to delay lawsuits from firm’s bankruptcy trustee, Allan Diamond. [WSJ Law Blog (sub. req.)] * This Biglaw firm’s future was just a little bit dimmer in 2012, with a 4.9 percent dip in profits per equity partner. This is unexpected from Milbank, a number 3 seed in our March Madness competition. [Am Law Daily] * The NRA’s New York affiliate filed suit challenging the state’s new gun laws, claiming that ban on assault weapons violates the Second Amendment — because this is clearly what the founders intended. [Reuters] * Raj Rajaratnam’s younger brother, Rengan Rajaratnam, was indicted yesterday in a federal insider-trading scheme tied to the Galleon case. You can’t fault the guy, he was just trying to keep it in the family. [Bloomberg] * Sorry, Dean Boland, but you’re not going anywhere. A judge denied the attorney’s request to withdraw from Paul Ceglia’s Facebook case. He must be wishing there were a dislike button now. [Law 360 (sub. req.)]

Even So, Mark Cuban Is Probably Glad He Got Rid Of His Mamma.com Stock

To get a sense of how old and long-drawn-out the SEC’s insider trading lawsuit against Mark Cuban is, consider this: the company in which he allegedly insider traded was Mamma.com. The .com was right there in the name. Future generations — hell, present generations — will indiscriminately add “.com” to the end of words to […]

Morning Docket: 03.06.13

* Dewey was quick about getting its Chapter 11 plan confirmed, but all of these unfinished business claims are taking a little longer to resolve than previously hoped. But hey, at least Paul Hastings settled. [Am Law Daily] * Because sometimes profit sharing isn’t enough: Theodore Freedman, a former Kirkland & Ellis partner, pleaded guilty to tax fraud after underreporting his partnership income by more than $2M. [New York Law Journal] * Here are some tips if you’re trying to get off a law school’s wait list. Apparently it’s wise to wait patiently instead of being a complete gunner from the get go. [Law Admissions Lowdown / U.S. News & World Report] * Imagine a land filled with millions of little Honey Boo Boos. That’s what the great state of Arkansas is going to look like if the legislature passes the most restrictive abortion law in the country. [WSJ Law Blog (sub. req.)] * Not only do the Mavericks suck, but Mark Cuban’s luck in court does, too. His bid to toss an insider trading case was denied. He’d probably jump over the bench and have a fit if he could. [DealBook / New York Times] * Dawn Clark Netsch, beloved Illinois pol and one of the nation’s first female law profs, RIP. [Chicago Tribune]

Morning Docket: 01.23.13

Ed. note: We apologize for getting such a late start today, but we were experiencing some technical difficulties. Thanks for being patient with us. * Barack Obama made some bold statements about marriage equality in his inaugural address, but the jury is still out — literally — on whether he thinks laws banning same-sex couples from marrying are constitutional. [BuzzFeed] * You can smoke pot for sh*ts and giggles in several states, but the D.C. Circuit is siding with the DEA on this one. Marijuana is still classified as a Schedule I drug in the eyes of the (federal) law. [National Law Journal] * With claims of prejudicial evidence, Rajat Gupta is trying to get his insider trading conviction overturned. We’ll wait for more on this story from note passer field correspondent, Benula Bensam. [WSJ Law Blog (sub. req.)] * Here are some tips on how you can refine the résumé that will accompany your law school application — but make sure you get the accents aigus right, or else. [Law Admissions Lowdown / U.S. News & World Report] * “Why are all high school teachers freaks in the sacks?” Sarah Jones, the cheerleader-cum-sexy teacher, cried over phrases like that yesterday during testimony in her defamation case against The Dirty. [ESPN] * George W. Huguely V, the UVA lacrosse bro who was convicted of killing his sometimes girlfriend, has got one hell of an appellate lawyer. Perhaps famous litigator Paul Clement is a friend of the family. [Bloomberg]