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Technology Stocks : Lithium Polymer Batteries
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To: gvander who wrote (77)6/28/1997 2:32:00 PM
From: Gordon Quickstad   of 127
 
supct.law.cornell.edu

<<Under the "traditional" or "classical theory" of insider trading liability, a violation of 10(b) and Rule 10b-5 occurs when a corporate insider trades in his corporation's securities on the basis of material, confidential information he has obtained by reason of his position. Such trading qualifies as a "deceptive device" because there is a relationship of trust and confidence between the corporation's shareholders and the insider that gives rise to a duty to disclose or abstain from trading. Chiarella v. United States, 445 U.S. 222, 228-229. Under the complementary "misappropriation theory" urged by the Government here, a corporate "outsider" violates 10(b) and Rule 10b-5 when he misappropriates confidential information for securities trading purposes, in breach of a fiduciary duty owed to the source of the information, rather than to the persons with whom he trades. Pp. 5-8.>>

A partner in the law firm that was working on a tender offer obtained inside information of the offer and profited from it. He was not an insider in the traditional sense but had a confidential fuduciary duty in the matter and the court ruled that he could not violate that duty to profit from the information he had access to. I don't think we have any correlation here on these "polymer" threads.
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