The Muddy Waters of Insider Trading Law Just Got Muddier
February 9, 2023 | New York Law Journal
A recent decision by the Second Circuit in United States v. Blaszczak further clouded the already murky waters of insider trading law. The decision, which vacated the defendants’ convictions in light of an intervening Supreme Court decision, technically left intact a prior holding that requires fewer elements for the government to prosecute criminal insider trading than for the SEC or any other litigant to prove a civil insider trading violation. The ruling prompted two judges to warn of troubling consequences for beneficial market activity, and to call for further action by Congress and the courts. In our latest article for the New York Law Journal, we review the Second Circuit’s decision and discuss the uncertain path forward.
The Muddy Waters of Insider Trading Law Just Got Muddier (pdf | 186.55 KB)