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Game Over: Supreme Court Denies Appeal in Newman Case

Bruce Carton | October 5, 2015

The Second Circuit's landmark opinion in U.S. v. Newman has been a thorn in the DOJ and the SEC's side since it was handed down in December 2014. Today, the U.S. Supreme Court officially refused to accept the government's appeal in the case, meaning that the case will stand as the law of the land--or at least the law of the Second Circuit, which is the home of Wall Street and the very active U.S. Attorney's Office for the Southern District of New York.

The Newman case has made it very difficult for the government to bring cases against many tippees in insider trading cases--cases that it previously brought and prevailed in regularly. The Department of Justice appealed to the Supreme Court in late July 2015, and was hopeful that the Court would...

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