Whistleblowing is the ultimate form of burning your bridges. So it comes as no surprise that while whistleblowers are lauded for their courage and willingness to call out their companies for material financial wrongdoing, the celebration pales in comparison to the common risks they face from their current and future employers. Whistleblowers are often mishandled, […]
Reinforcements Arrive for Whistleblowers in Financial Services
In The Peak Of A Hedge Fund Asset Crisis, The Supreme Court Might Have Just “Broke The Camel’s Back” For Investor Confidence In Hedge Funds
The Supreme Court rejected the petition for certiorari in United States v. Newman last month—a case about insider trading. In so doing it reaffirmed the Second Circuit Court of Appeals’ decision, which held that liability for insider trading requires proof of (1) that the discloser received a personal benefit, and (2) that the person receiving […]
Can You Hear Me Now? Appeals Court Permits Bulk Collection of Metadata for One More Month
In a narrow ruling last week, a federal appeals court declined to enjoin the National Security Agency (NSA) from the bulk collection of metadata on domestic phone conversations. Controversy has dogged the once-secret bulk collection program since its existence was first revealed by Edward Snowden. Earlier this year, the same three-judge panel of the United […]
Administrative Judge Raises S.E.C’s Burden to Convict Insider Trader
In a pivotal 1983 ruling, the Supreme Court held that to find a breach of duty to stockholders resulting in “insider trading,” a party must prove that a personal gain, either material or immaterial, resulted from confidential information provided by a trading relative or “friend.” The Court, however, left ambiguous the term, “friend” for over […]
Second Circuit Upholds Credit Card Surcharges in New York State
On September 29, 2015, the U.S. Court of Appeals for the Second Circuit upheld New York General Business Law §518, effectively reviving a ban on retailer-imposed surcharges against credit card users. In a 3-0 decision, the appellate court judges overturned a ruling from the Southern District of New York that described the law as “incomprehensible,” […]
Second Circuit Affirms Apple’s E-Book Antitrust Violations
The United States Court of Appeals for the Second Circuit affirmed a 2013 United States District Court decision that held that Apple “orchestrated” an illegal conspiracy with book publishers to raise prices on e-books. The Second Circuit held that the conspiracy “unreasonably restrained trade.” The three-judge panel reached a 2-1 split decision. The Justice Department […]