U.S. vs. O'Hagan

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U.S. vs. O'Hagan

A U.S. Supreme Court case holding that a person who profits from nonpublic information may be held liable even if he/she does not owe a fiduciary duty to a company in question. O'Hagan was a lawyer representing a company considering buying Pillsbury. He discovered this information and bought call options on Pillsbury, to which he had no responsibility as he only represented the buyer. In the decision, the Supreme Court upheld O'Hagan's conviction. It was decided in 1997.
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