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Michael Celio Weighs In On Supreme Court's Newman Rejection


The U.S. Supreme Court declined on Monday to consider the U.S. Department of Justice's appeal of the Second Circuit’s landmark Newman decision on insider trading. Here, attorneys tell Law360 why the cert denial is significant.

“The decision not to grant certiorari in United States v. Newman is surprising and disappointing. It is surprising both because there is an emerging circuit split on the issue and because the Department of Justice asked the court to review the case — a request that is frequently granted. It is disappointing because the law will now remain unsettled. Insider trading law is notoriously murky and some clarity would have been very welcome. It would have been incredibly helpful to have a clear definition of what sort of benefit will suffice to establish liability.” -- Michael Celio

About Michael Celio
Mr. Celio is a securities defense lawyer. He has handled a significant number of complex civil and criminal enforcement actions brought by the U.S. Securities and Exchange Commission and the Department of Justice. An experienced trial lawyer, Mr. Celio has tried more than a dozen cases to verdict in state and federal courts.