In my February 2014 column for Compliance Week, I laid out the SEC’s nine trials to date in FY 2014 (which began on October 1, 2013), and the results in each case. Last week, the SEC announced that after a six-day trial in the case of SEC v. Jacobs, a federal jury in Ohio returned a mixed verdict. The jury found for the SEC on its claims under Section 14(e) of the Exchange Act alleging that the defendants engaged in insider trading in connection with a tender offer, but found in favor of the defendants on the SEC’s claims under Sections 10(b) of the Exchange Act and Rule 10b-5 thereunder.
