New York Law Journal Quotes Peter Altman on Impact of Martoma Decision
Akin Gump litigation senior counsel Peter Altman has been quoted by New York Law Journal for its article “Attorneys Say 'Martoma' Does Little to Settle Insider Trading Concerns,” on the 2nd Circuit’s split decision in the insider trading case U.S. v. Martoma and how it may not resolve uncertainty regarding relationships that create liability under securities law.
Altman, who came to Akin Gump after a three-year stint as senior counsel at the Securities and Exchange Commission, said that the decision “further muddies the water on insider trading” because it addressed a wider set of issues than were necessary based on the facts of the case.
He added, “The defense bar will be tasked with grappling with the majority's holding that gifts to anyone…are now at least potentially actionable. I think the focus will largely be on what was the subjective intent of the tipper: Did that person intend to give a 'gift,' which is an inherently difficult evaluation to make.”