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: How Appealing

Second Circuit holds that computer hacking may be "deceptive" under Section 10(b) of the Securities Exchange Act where the hacker obtains material, nonpublic information used to trade securities

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Second Circuit holds that computer hacking may be "deceptive" under Section 10(b) of the Securities Exchange Act where the hacker obtains material, nonpublic information used to trade securities: Today's ruling rejects the district court's reasoning that a breach of a fiduciary duty is necessary for an actionable securities claim under Section 10(b).

Instead, today's ruling holds that a breach of a fiduciary or similar duty is not necessary, and that some forms of computer hacking by non-fiduciaries are plainly "deceptive" under Section 10(b), irrespective of a breach of duty.

Full post as published by How Appealing on July 22, 2009 (boomark / email).

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