Fidelity Director May Be Liable For Insider Trading
National News
The 9th Circuit reversed and remanded a ruling for attorney J. Thomas Talbot, a member of the board of directors of Fidelity National Financial, who was accused of insider trading by the Securities and Exchange Commission.
Judge Wardlaw found that Talbot may be held liable for misappropriating confidential information that a third party was looking to buy LendingTree - a deal which would allegedly net Fidelity $50 million as a shareholder. Talbot bought 10,000 shares of LendingTree after finding out about the impending acquisition.
The court considered Talbot's actions insider trading, even though Fidelity's CEO never told the board of directors that the information was confidential.
Talbot can be held liable for misappropriating the information from Fidelity, the court ruled, but the case heads back to the district court to settle whether that information was "material" under the law.
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USCIS Will Begin Accepting CW-1 Petitions for Fiscal Year 2019
On April 2, 2018, U.S. Citizenship and Immigration Services (USCIS) will begin accepting petitions under the Commonwealth of the Northern Mariana Islands (CNMI)-Only Transitional Worker (CW-1) program subject to the fiscal year (FY) 2019 cap. Employers in the CNMI use the CW-1 program to employ foreign workers who are ineligible for other nonimmigrant worker categories. The cap for CW-1 visas for FY 2019 is 4,999.
For the FY 2019 cap, USCIS encourages employers to file a petition for a CW-1 nonimmigrant worker up to six months in advance of the proposed start date of employment and as early as possible within that timeframe. USCIS will reject a petition if it is filed more than six months in advance. An extension petition may request a start date of Oct. 1, 2018, even if that worker’s current status will not expire by that date.
Since USCIS expects to receive more petitions than the number of CW-1 visas available for FY 2019, USCIS may conduct a lottery to randomly select petitions and associated beneficiaries so that the cap is not exceeded. The lottery would give employers the fairest opportunity to request workers, particularly with the possibility of mail delays from the CNMI.
USCIS will count the total number of beneficiaries in the petitions received after 10 business days to determine if a lottery is needed. If the cap is met after those initial 10 days, a lottery may still need to be conducted with only the petitions received on the last day before the cap was met. USCIS will announce when the cap is met and whether a lottery has been conducted.