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U.S. Asks Supreme Court to Review 'Erroneous' Newman Decision

Bruce Carton | July 30, 2015

As discussed here, in April 2015 the Second Circuit rejected the DOJ's petition for a rehearing in the landmark U.S. v. Newman insider trading case that has caused so much disruption to both the DOJ and the SEC. Facing a looming August 3 deadline to appeal the Second Circuit's opinion, the United States today filed a petition for a writ of certiorari with the U.S Supreme Court, asking that court to hear the case.

In its petition, the U.S. argued that the Second Circuit's "unprecedented ruling" reinterpreted the Supreme Court's prior decision in Dirks v. SEC that an an insider personally benefits when he “makes a gift...

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