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ARTICLE · 23 MAY 2011

Recent Developments In The Law Of Insider Trading

Covington & Burling
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Building on the groundbreaking and sprawling 'Galleon' case filed in 2009, insider trading cases sat at or near the top of the Department of Justice' and the SEC's securities enforcement priorities for the past year.

United StatesCriminal Law
David Kornblau
David Kornblau

Building on the groundbreaking and sprawling Galleon case filed in 2009, insider trading cases sat at or near the top of the Department of Justice's and the SEC's securities enforcement priorities for the past year. In this paper, we summarize the key new cases in this area and offer our thoughts on their import for the securities industry. Our comments are strictly our own, and do not necessarily reflect the views of our firm or its clients.

1. Primary Global and Benhamou: Expert Networks/Industry Consultants

After Galleon, the government's most significant new insider trading initiative is its focus on expert networks and industry consultants. Generally speaking, expert network firms offer traders and investment managers access to the insights and opinions of experts on industries throughout the world. The government has alleged that one such firm, Primary Global Research LLC—despite assurances on its website that its consultants are forbidden to divulge

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