Brief filed: 10/13/2017
Martoma v. United States
2nd Circuit Court of Appeals; Case No. 14-3599
Panel decision 869 F.3d 58 (2nd. Cir. Aug. 23, 2017).
The panel improperly overruled binding circuit precedent. The panel's ruling is inconsistent with Dirks and Salman, and undercuts the vitality of the "personal benefit" requirement. Constitutional principles counsel against the panel's expansive extension of insider trading law.
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Ira M. Feinberg and Courtney Colligan, Hogan Lovells US LLP, New York, NY; Richard D. Willstatter, NACDL, White Plains, NY.