District Court Vacates Insider Trading Guilty Pleas in Misappropriation Case in Light of Landmark Newman Decision

January 2015

On January 22, 2015, a district judge in the Southern District of New York vacated previously accepted guilty pleas in an insider trading prosecution brought under the “misappropriation” theory. The district court’s short order provides an initial look at the potential reach of the Second Circuit’s recent decision in United States v. Newman, which is still subject to a potential motion for rehearing by the government.

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