Brief filed: 08/15/2018
Martoma v. United States
2nd Circuit Court of Appeals; Case No. 14-3599
Panel decision 894 F.3d 64 (2nd. Cir. Aug. 23, 2017 (decided) and June 25, 2018 (amended)
The panel’s ruling is inconsistent with Newman, Dirks and Salman, and undermines the vitality of the "personal benefit" requirement. Constitutional principles counsel against the panel's expansive extension of insider trading law.
Ira M. Feinberg, Hogan Lovells US LLP, New York, NY; Richard D. Willstatter, Green & Willstatter, White Plains, NY.