Insider trading and the prospective investor after the Chestman decision

Article Abstract:

Investors receiving inside information who are wary of legal liability should be reassured by guidelines established by the Second Circuit Court in United States v Chestman. The court found that an investor who is not employed by inside information providers or making an agreement of confidentiality with them is generally not liable. Case law regarding insider trading and the application of SEC regulations 10b-5 and 14e-3 are presented.

Interpretation and construction, Securities law

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Effect of asset freeze order on payment of attorney fees: SEC v. Interlink Data Network of Los Angeles, Inc

Article Abstract:

The US Court of Appeals for the 9th Circuit, in SEC v. Interlink Data Network of Los Angeles, Inc., held that advance payment of corporate counsel belonged to the corporation and not to counsel and thus fell within the scope of an order freezing the corporation's assets. In an action for securities fraud, the SEC sought an order freezing the defendant's assets. Payment to secure counsel's availability would not be subject to the freeze.

Attorneys, Lawyers' fees, Liquidity (Finance)

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Insider trading: new SEC rules and an important new case

Article Abstract:

The authors discuss the US District Court for Northern California's decision in SEC v. Truong, which changes the basis on which the SEC must prove possession of insider information and thus convict for securities fraud.

Evidence (Law), Possession (Law)

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