• Whitman v. United States: U.S. Supreme Court Considers Deference to Agencies’ Interpretations of Criminal Statutes
  • December 3, 2014 | Authors: Nicolas Bourtin; Steven R. Peikin; Richard C. Pepperman; Kenneth M. Raisler
  • Law Firm: Sullivan & Cromwell LLP - New York Office
  • Earlier this week, the Supreme Court denied certiorari in Whitman v. United States, No. 14-29 (Nov. 10, 2014), a criminal prosecution for insider trading under Section 10(b) of the Securities Exchange Act. In Whitman, the Second Circuit deferred to the Securities and Exchange Commission’s interpretation of Section 10(b) in affirming the defendant’s conviction. Although Justices Scalia and Thomas agreed that further review was not warranted in Whitman, they wrote separately to question whether agencies’ interpretations should receive deference when considering statutes that have both criminal and administrative applications.