S.E.C. v. TALBOT

No. 06-55561.

530 F.3d 1085 (2008)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. J. Thomas TALBOT, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed June 30, 2008.


Attorney(s) appearing for the Case

Brian G. Cartwright, General Counsel, Andrew N. Vollmer, Deputy General Counsel, Jacob H. Stillman, Solicitor, Randall W. Quinn, Assistant General Counsel, Michael L. Post, Senior Counsel, Washington, DC, for plaintiff-appellant Securities and Exchange Commission.

Richard Marmaro, Lance A. Etcheverry, Skadden, Arps, Slate, Meagher & Flom LLP, Los Angeles, CA; Preeta D. Bansal, Timothy G. Nelson, Sarah E. McCallum, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY, for defendant-appellee J. Thomas Talbot.

Before: DAVID R. THOMPSON, KIM McLANE WARDLAW, and SANDRA S. IKUTA, Circuit Judges.


WARDLAW, Circuit Judge:

J. Thomas Talbot, a member of the board of directors of Fidelity National Financial, Inc., a Delaware corporation, traded on confidential information about the impending acquisition of LendingTree, Inc., which he received in his capacity as a Fidelity director. We must decide whether Talbot can be held liable under § 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C. § 78j(b), and Rule 10b-5, 17 C.F.R. §...

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