The Eleventh Circuit sits in the Elbert P. Introduction In most cases of extrajudicial killing, the intent is clear. A trigger is pulled or a bomb is detonated, and no one questions if the killer meant to shoot the gun and planned for the consequences of their actions. While the Torture Victim Protection Act TVPA requires that a killing be deliberated to qualify as extrajudicial,  few courts have ruled on what scienter  is required by the phrase deliberated.
Introduction A trade in a substitute security occurs when a trader with inside information, typically an employee, trades—not in the securities of the company that is the subject and source of the information—but in the securities of another company whose stock would be affected if such inside information were to become public.
While Ayres and Bankman argue that a possible-harm standard may apply to trades in substitute securities, such a standard is supported by neither background state law nor federal precedent.
Instead, a fiduciary-sourced default rule should apply, which requires only the use of confidential information for private benefit to establish liability. Moreover, even if the possible-harm standard were to apply, most trades in substitute securities could result in a possible harm to the source of the information by way of reputational damage.
For example, when Kodak entered the instant camera market, the shares of Polaroid, the only extant competitor, fell by This information provided by Kodak would be incorporated into the share price of both companies. The trading in substitute securities has the potential to achieve high, short-term returns.
Ayres and Bankman analyzed a set of hypothetical substitute-security transactions, based on a Intel earnings announcement and the correlative effect on other companies and the Philadelphia Semiconductor Index.
Employees and Other Insiders The first and most common  form of trading in substitute securities is trading by an employee or other insider of the source of the information. A brief set of scenarios will help guide the analysis in this section: X is an employee of A Corp. Using that information, X short sells the stock of B Corp.
The share price of A Corp. X makes a sizeable profit. Same facts as Scenario 1, except X buys the shares of a supplier, C Corp. On announcement, the share price of C Corp. Same facts as Scenario 2, except X buys a controlling interest in C Corp. As a preliminary matter, the information on which the insider trades would be material under prevailing law : Of course, the SEC would not be able to resort to this theory today.
Furthermore, it serves as a guidepost toward which the misappropriation theory appears to be headed. After overruling the equal access theory, the Court set a new standard for fraud under Rule 10b There is no relationship between X and B Corp.
As such, X has no duty to disclose. The existence of a relationship of trust and confidence between A Corp. Therefore, even if the corporate supply contract were to be attributed to X, it was not a breach of any relationship with the supplier to use the distinct corporate information for his own personal benefit.CONSTITUTIONAL LAW I OUTLINE.
Field, Fall Separation of Powers. Judicial Power (Art. III) (for injury government suffers) but maintains a personal interest in the suit—because Congress simply delegating government’s power to sue to private party (VT Agency of Natural Resources) Statements by members of the decisionmaking body.
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August 27, Harvard Law School.
Thanks to Jackie Martínez for research assistance. The Federalist No. 63 (James Madison). Practice and Methods of International Law 55 (). Shabtai Rosenne is the former Ambassador of Israel to the United Nations and a.