In United States v. Chiarella, the Court of Appeals for the Second Circuit held that anyone who regularly receives material nonpublic information is subject to the prohibitions of rule 10b-5. The author of this casenote discusses the expansion of liability created by this holding and analyzes the questions raised by the decision.
Bernard J. Krabacher,
Trading on Market Information: Rule lOb-5 and Market Insiders-United States v. Chiarella,
34 U. Miami L. Rev.
Available at: http://repository.law.miami.edu/umlr/vol34/iss1/8