Martoma v. United States

Brief for the New York Council of Defense Lawyers and the National Association of Criminal Defense Lawyers as Amici Curiae in Support of Defendant-Appellant's Petition for Rehearing or Rehearing En Banc.

Brief filed: 10/13/2017


Martoma v. United States

2nd Circuit Court of Appeals; Case No. 14-3599

Prior Decision

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.