The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Mon, 20 Jul 2026 20:07:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png How United States v. Newman Changes The Law – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 How United States v. Newman Changes The Law https://corpgov.law.harvard.edu/2015/05/03/how-united-states-v-newman-changes-the-law/?utm_source=rss&utm_medium=rss&utm_campaign=how-united-states-v-newman-changes-the-law https://corpgov.law.harvard.edu/2015/05/03/how-united-states-v-newman-changes-the-law/#comments Sun, 03 May 2015 13:00:49 +0000 https://corpgov.law.harvard.edu/?p=70772?d=20150505170642EDT Posted by Jon Eisenberg, K&L Gates LLP, on Sunday, May 3, 2015
Editor's Note:

Jon N. Eisenberg is partner in the Government Enforcement practice at K&L Gates LLP. This post is based on a K&L Gates publication by Mr. Eisenberg. The complete publication, including footnotes, is available here.

In unsuccessfully seeking rehearing in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), reh’g denied, Nos. 13-1837, 13-1917 (2d Cir. Apr. 3, 2015), the Government acknowledged that the Second Circuit’s recent decision in Newman “will dramatically limit the Government’s ability to prosecute some of the most common, culpable, and market-threatening forms of insider trading,” and “arguably represents one of the most significant developments in insider trading law in a generation.” As we discuss below, Newman is a well-deserved generational setback for the Government. It reflects the Second Circuit’s reasonable reaction to Government overreach, and it establishes brighter lines to cabin prosecutorial and SEC discretion in bringing future criminal and civil insider trading actions.

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