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DREILING v. AMERICAN EXP. CO.

No. 04-35715.

458 F.3d 942 (2006)

Thomas R. DREILING, on behalf of InfoSpace Inc., Plaintiff-Appellant, v. AMERICAN EXPRESS COMPANY, a New York corporation, including its divisions and subsidiaries, Defendant, and InfoSpace, Inc., a Delaware Corporation; American Express Travel Related Services Company Inc., Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed August 14, 2006.

Attorney(s) appearing for the Case

Jonathan P. Meier and Richard E. Spoonemore, Sirianni Youtz Meier & Spoonemore, Seattle, WA, for the plaintiff-appellant.

Jason C. Vigna and Robert E. Zimet, Skadden, Arps, Slate, Meagher & Flom, LLP, New York, NY, for the defendant-appellee.

Allan A. Capute, Securities and Exchange Commission, Washington, D.C., for amicus curiae.

Before STEPHEN REINHARDT, M. MARGARET McKEOWN, and RICHARD R. CLIFTON, Circuit Judges.

McKEOWN, Circuit Judge.

Section 16(b) of the Exchange Act bars corporate insiders, such as directors, from profiting on short-swing trades, defined as the purchase and sale of stock within a six-month period. 15 U.S.C. § 78p(b). Rule 16b-3(d), promulgated by the Securities and Exchange Commission ("SEC"), exempts an insider from § 16(b) liability when the transaction takes place with the issuer and is specifically approved by the issuer's board of directors...

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