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From Tgs Conservatorships To Sarbanes-Oxley Fair Funds, Richard M. Buxbaum
From Tgs Conservatorships To Sarbanes-Oxley Fair Funds, Richard M. Buxbaum
Richard M. Buxbaum
While the TGS duo is justly known for its foundational work on the application of Rule 10b-5 to insider trading and corporate misstatements, two other aspects of the two cases are the focus of this contribution. The first is the development of the role of the SEC as conservator, derived originally from the equity side of federal bankruptcy law, but expanded to function as a general equitable remedy. That remedy faced difficult issues concerning the ranking of different victims of insider trading, in particular the status of an entity as a claimant in competition with victimized market participants. The second, …