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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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