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In United States v. O'Hagan, the Supreme Court established that there are two complementary theories of insider trading liability, each with a fiduciary principle at its core. Under the "classical" theory, liability is premised on a fiduciary's deceptive silence about material nonpublic information in a securities transaction with corporate shareholders. Under the "misappropriation " theory, liability is premised on a fiduciary's deception of the source of the material nonpublic information used in the securities transaction. This Article analyzes the law of insider trading, with a focus on developments since O'Hagan. Based on a comprehensive review of lower-court decisions, settled enforcement proceedings, and rules promulgated by the Securities and Exchange Commission, it argues that...
..., Richard Painter, Margaret Sachs, Hillary Sale, and William Wang, and from presentations mad... expanded the disclosure obligation to include one that was predicated on a fiduciary relationshi... in the securities industry"); see also Bateman Eichler, Hill Richards, Inc. v. Berner, 472 U.S. 2...
... intentional conduct, and distinguishing Bateman Eichler, Hill Richards, Inc. v. Berner, 472 U.S. ...
...Plaintiffs-Appellants Roma Construction Co, Inc. ("Roma") and Peter Zanni ("Peter Zanni") (collect...See Bateman Eichler, Hill Richards Inc. v. Berner, 472 U.S. 29...
... of the securities laws"); see also Bateman Eichler, Hill Richards, Inc. v. Berner, 472 U. S. ...
... city had a population of 86,076, a 74% increase in just ten years. . Among this population were ab... to mediating disputes among wrongdoers." Bateman Eichler, Hill Richards, Inc., v. Berner, 472 U.S. ...
... indirectly, in a proscribed activity to include those who merely give some degree of aid to violat... 1986 and 1988, the Colorado Springs-Stetson Hills Public Building Authority (Authority) issued a tot...v. Levinson, 485 U. S. 224 (1988); Bateman Eichler, Hill Richards, Inc. v. Berner, 472 U. S....
...Northwest Airlines, Inc. v. Transport Workers, 451 U. S. 77, Texas Industr... 224 , 243 (1988), a defense to liability, Bateman Eichler, Hill Richards, Inc. v. Berner, 472 U. S....
... and offset those losses against other income. In 1976, petitioners brought a securities fraud s...See Hillsboro National Bank v. Commissioner, (1983); Brief for ... supplement to Commission action.'" Bateman Eichler, Hill Richards, Inc. v. Berner, 472 U.S. ...
... to successfully capitalize FilmDallas, Inc. ("FilmDallas"), a Dallas-based movie production c...Bateman Eichler, Hill Richards, Inc. v. Berner, 472 U.S. 2...
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