Word: courtelis
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...Mark Cuban have a duty to Mamma.com? That question will take center court as the Securities and Exchange Commission (SEC) sues Cuban, an Internet entrepreneur and owner of the Dallas Mavericks basketball team, for selling his stake in the Web company after the CEO slipped him nonpublic information about an additional stock offering. Cuban, known for his outsize personality, has come out swinging against the SEC and what he calls its "win at any cost ambitions," promising to keep the case - and the murkiness of insider trading law - in the public spotlight in a way not seen since Martha Stewart...
...initial legal theory didn't last forever. By the 1980s, the Supreme Court had ruled that equal access was too broad a policy, and that for insider trading to be illegal a person had to breach a fiduciary duty - a trust that had been established between that person and the company. In one landmark case, the court overturned the conviction of a printer of financial documents who bought shares of companies he knew were takeover targets. The prosecutors, the court found, hadn't proved the man's responsibility to the firms involved in the transactions. At the same time...
...been operating under this "misappropriation theory" ever since. A key 1997 Supreme Court decision upheld the conviction of a lawyer who bought securities tied to Pillsbury while his law firm was representing a company trying to take over the baking-products outfit. The court found that using such confidential information "constitutes fraud akin to embezzlement - the fraudulent appropriation to one's own use of the money or goods entrusted to one's care by another." (Read TIME's 10 Questions with Mark Cuban...
...August, the Second Circuit Court of Appeals in New York made the unusual move of revisiting a previously decided case challenging the Bush Administration's practice of extraordinary rendition, in which U.S. authorities hand certain terrorist suspects to outside countries for interrogation. On Dec. 9, the court will hear oral arguments in the case of Maher Arar, a Canadian citizen whom U.S. authorities seized at New York's J.F.K. airport in September 2002 and then sent to Syria, where Arar claims he was tortured before being released without charge. Previously, the U.S. District Court for the Eastern District...
Meanwhile, in early October, another federal court ruling ordered the Bush Administration to release 17 Muslim detainees (who are of Uighur ethnicity but citizens of China) held at Guantánamo Bay, Cuba. It was one of the strongest judicial challenges yet to the Administration's claim of executive authority to bypass U.S. courts to hold and try suspected terrorists in special tribunals. The Justice Department has so far successfully resisted that order, and the case remains unresolved. Since the ruling, the Bush Administration has been working to find a country willing to accept the Uighurs, who cannot be handed...