David Scheer of Bloomberg writes that the insider trading case against acquaintances of a Dow Jones & Co. board member who allegedly disclosed that News Corp. would make an offer for the parent of The Wall Street Journal, Barron’s and Marketwatch before it became public is an important case for the Securities and Exchange Commission.
“There’s a lot at stake: If the top U.S. securities regulators can’t demonstrate they have global reach, their authority may be undercut as international investing surges.
“‘There’s immense damage to their credibility if they misfire’ and lose a prominent case they bring too hastily, says James Cox, a securities-fraud expert at the Duke University School of Law in Durham, North Carolina.”
Read more here.
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