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In 1997, the U.S. Supreme Court adopted the misappropriation theory of insider trading in United States v. O'Hagan, [79] 521 U.S. 642, 655 (1997). O'Hagan was a partner in a law firm representing Grand Metropolitan, while it was considering a tender offer for Pillsbury Company. O'Hagan used this inside information by buying call options on ...
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United States v. O'Hagan , 521 U.S. 642 (1997), was a United States Supreme Court case concerning insider trading and breach of U.S. Securities and Exchange Commission Rule 10(b) and 10(b)-5. In an opinion written by Justice Ruth Bader Ginsburg , the Court held that an individual may be found liable for violating Rule 10(b)-5 by ...
SEC Rule 10b5-1, codified at 17 CFR 240.10b5-1, is a regulation enacted by the United States Securities and Exchange Commission (SEC) in 2000. [1] The SEC states that Rule 10b5-1 was enacted in order to resolve an unsettled issue over the definition of insider trading, [2] which is prohibited by SEC Rule 10b-5.
The 2020 congressional insider trading scandal was a political scandal in the United States involving allegations that several members of the United States Senate violated the STOCK Act by selling stock at the start of the COVID-19 pandemic in the United States and just before a stock market crash on February 20, 2020, using knowledge given to them at a closed Senate meeting.
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 (Pub. L. 112–105 (text), S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The law prohibits the use of non-public information for private profit, including ...
The insider investment strategy is an investment strategy that follows the buying and selling decisions of so-called "insiders" in a stock market. The primary insiders have an advantage because they have access to more information about issues that could affect the current and future value of stock, which is known as an "information advantage."
Texas Gulf Sulphur Co. was a landmark of the jurisprudence of insider trading in the United States. In 1971, S.E.C. v. Texas Gulf Sulphur became the first insider trading case to be litigated in federal courts in American history, making the beginning of disgorgement in S.E.C. cases.