Court of Chancery Holds Accountant Liable for Insider Trading

Posted on December 29, 2009 by Edward M. McNally

Deloitte LLP v. Flanagan, C.A. 4125-VCN (December 29, 2009)

This decision holds a partner in an accounting firm liable for trading on the nonpublic information that he received in connection with his work at his firm. The Court upheld several theories of liability in what appears to be a case of first impression in Delaware. Thus, this decision paves the way for enforcing the duty to not misuse insider information apart from the Federal Securities laws.

Tags:
Trackbacks (0) Links to blogs that reference this article Trackback URL
http://www.delawarebusinesslitigation.com/admin/trackback/175228
Comments (0) Read through and enter the discussion with the form at the end
Post A Comment / Question Use this form to add a comment to this entry.







Remember personal info?
Send To A Friend Use this form to send this entry to a friend via email.