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Jun 20, 2014

Laguardia, Brennan, Kamhi Publish Article on Rule 10b5-1 Plans

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New York Litigation partner Daniel Laguardia, and associates Mallory Brennan and Ross Kamhi, published an article in the Hedge Fund Law Report on “The Best Laid Plans: Preventing Rule 10b5-1 Plans from Going Awry.” The article (published in two parts, both of which are included here) discusses how the increased focus that regulators and litigators have on insider trading has recently expanded to a new target: Rule 10b5-1 trading plans. These plans are devices that provide company insiders with the ability to buy or sell securities pursuant to a pre-arranged instruction without automatically facing liability for insider trading, however this affirmative defense protection is not absolute. The article examines the lessons that can be learned from the Apax’s experience in the Cengage bankruptcy and recommends practices that may enhance the defensibility of a 10b5-1 plan.

View the article, The Best Laid Plans: Preventing Rule 10b5-1 Plans from Going Awry

Authors and Contributors

Daniel H.R. Laguardia

Partner

Litigation

+1 415 616 1114

+1 415 616 1114

San Francisco

K. Mallory Brennan

Partner

Litigation

+1 212 848 7657

+1 212 848 7657

New York