A huge amount of information flows from publicly traded companies to outsiders—both market professionals and others—who might later trade in the securities of those companies. Some of that information is broadly disclosed in press releases or other statements to the public at large, and so raises no concern under the insider trading laws. The U.S. Supreme Court’s recent decision in Salman v. United States addresses the other side of the coin—the legal limitations on trading in information that has not been shared with the world at large. Contrary to some public perceptions, the securities laws recognize that it is legitimate in many circumstances for a person who receives such information to trade in it. But in other circumstances, to trade in privately disclosed information can expose the recipient to civil or criminal liability for insider trading. The dividing line is critical and yet, as the Supreme Court’s decisions in this area openly state, the line drawn by the courts is not always easy to apply. This course, taught by Sidley Austin Partner Kwaku A. Akowuah, focuses on a principal piece of that dividing line—the so-called “personal benefit” test—as recently illuminated by the Salman decision.
KWAKU AKOWUAH is a partner in Sidley’s Supreme Court and Appellate group.
Kwaku’s recent matters include:
Kwaku was named one of 2016’s top 40 under 40 business leaders by the Washington Business Journal. In recognition of his litigation success, he was also named a “D.C. Rising Star” by the National Law Journal 2015.
Prior to joining the firm, Kwaku served as a law clerk to Justice Stephen Breyer of the U.S. Supreme Court. From 2009 to 2012, Kwaku was an Attorney-Adviser in the Office of Legal Counsel at the U.S. Department of Justice. In that role, he provided legal advice to departments and agencies of the executive branch on a variety of matters, including questions relating to the constitutional separation of powers, the interpretation of federal statutes, and international law principles. Prior to his time at the Justice Department, Kwaku was an associate in the appellate litigation practice of a global law firm in New York, where he also gained trial court experience representing clients in commercial, products-liability and securities cases.
Very informative presentation. Presenter was very knowledgeable and made the material quite interesting.
an enjoyable and informative presentation no less
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