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ARTICLE · 18 AUGUST 2014

Convicted Inside Trader Cannot Sue Former Counsel

Fox Rothschild LLP
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The U.S. District Court for the Southern District of New York dismissed a New York law malpractice and fraud claims by convicted inside trader Winifred Jiau against her former attorney.

United StatesCorporate/Commercial Law
Ernest Badway
Ernest Badway
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The U.S. District Court for the Southern District of New York dismissed a New York law malpractice and fraud claims by convicted inside trader Winifred Jiau against her former attorney. See Jiau v. Hendon, http://www.bloomberglaw.com/public/document/Jiau_v_Hendon_Docket_No_112cv07335_SDNY_Sept_28_2012_Court_Docket.

Prosecutors contended that in her role as an employee of an expert network company, Jiau obtained inside information about public companies through professional and personal contacts and sold the information to portfolio managers at hedge funds, who traded on the inside data. A jury convicted Jiau on conspiracy and securities fraud and the defendant then sued her lawyer for malpractice. The court found no claim.

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