Securities Litigation Head Discusses Joint Representation in Insider Trading Cases

Daily Journal (California)

Securities litigation and regulatory enforcement leader Mike Torpey is quoted in this article about the implications of a recent ruling that rejects the SEC's efforts on joint representation in insider trading cases.

"The portion of [Spero's ruling] that says that the SEC does not have standing to assert a conflict..could impact whether individuals have to separate counsel," said Michael D. Torpey, chair of the securities litigation group at Orrick, Herrington & Sutcliffe LLP. "My view is that [Spero] got it right. The question of whether joint representation is appropriate is whether the clients want it, not whether the SEC thinks it's appropriate."