The Iconic Insider Trading Cases
Stephen M. Bainbridge
University of California, Los Angeles (UCLA) - School of Law
UCLA School of Law, Law-Econ Research Paper No. 08-05
This essay traces the evolution of insider trading jurisprudence, focusing on the three iconic Supreme Court decisions: Chiarella, Dirks, and O'Hagan. The essay argues that all three cases were seriously flawed because each failed to cohere as to either policy or doctrine. Just as a child might break his toy by attempting to force a square peg into a round hole, the Supreme Court made a hash of insider trading law (and Rule 10b-5 generally) by attempting to force insider trading into a paradigm - securities fraud - that does not fit.
Number of Pages in PDF File: 32
Keywords: insider trading
JEL Classification: K22
Date posted: February 26, 2008
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