Faculty Journal Articles and Book Chapters
ORCID (Links to author’s additional scholarship at ORCID.org)
Abstract
Although decided 55 years ago, the Second Circuit’s decision in Texas Gulf Sulphur may be viewed as the most important case under the U.S. securities laws. The decision addressed several landmark issues, including insider trading, company disclosure obligations, and the concept of materiality. Although a number of its rulings subsequently were rejected by the U.S. Supreme Court, others remain good law today. From a comparative perspective, Texas Gulf Sulphur also is a significant decision. Many of the principles enunciated by the Second Circuit in that decision today have been adopted by developed securities markets outside of the United States.
Publication Title
Quinnipiac Law Review
Document Type
Article
Keywords
Texas Gulf Sulphur, TGS, U.S. Securities law, Securities regulation, Insider trading, Disclosure, Corporate liability, Materiality, Insider trading laws, Price impact, Timing of insider trades, SEC
Recommended Citation
Marc I. Steinberg, The Most Important Decision in Federal Securities Law - Texas Gulf Sulphur, 42 Quinnipiac L. Rev. 13 (2023)
