Press Release

Amicus Brief Sheds Light on Landmark Insider Trading Appeal

March 6, 2015

New York – March 6, 2015 – Cooley represented three prominent law professors, Stephen Bainbridge of UCLA, Jonathan Macey of Yale University and Todd Henderson of the University of Chicago, as amici curiae before the Second Circuit Court of Appeals in United States v. Newman, the insider trading prosecution of former hedge fund managers Anthony Chiasson and Todd Newman.

In the brief, which Reuters called "the most interesting amicus brief" filed in connection with this appeal, the three law professors supported the Second Circuit's earlier decision and defended its treatment of the personal benefit requirement, in contrast to the Securities and Exchange Commission's amicus brief, which argued that the Second Circuit had erred and that the matter should be reheard. 

On Friday, April 3, the Second Circuit denied the petition for a rehearing of the case.

The Cooley team advising the professors was led by the partner in charge of the firm's New York office, Jonathan Bach, and also included partner Lyle Roberts, special counsel Reed Smith and associate Kate Brubacher.

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