Cleary Gottlieb

International Top 30 position: 13
International 50 position (Asia-Pacific): =40

Second Circuit clarifies standards for insider trading claims

In the latest of a string of litigation victories it has scored in the Second Circuit, the Securities and Exchange Commission convinced a panel of the Second Circuit on 6 September 2012, to vacate a district court’s grant of summary judgment to the defendants in Securities and Exchange Commission v Obus, No. 10 Civ. 4749. In so doing, the Circuit clarified, and to some extent modified, the standards for tipper/tippee insider trading under the misappropriation theory.

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Analysis from The Lawyer

Overview

City Place House
55 Basinghall St
London
EC2V 5EH
UK

Firmwide revenue 2011 ($m): 1,125
Global lawyers 2011: 1,183
Jurisdiction: US
No. of offices: 3
No. of qualified lawyers: 52 (International 50)