Breyer concluded that Keith J. Kim, the former chief executive officer of potato chip maker Granny Goose Foods Inc., will not have to face two counts of securities fraud since he did not have a fiduciary-like relationship with the source of the information.

Although Breyer alluded that in this case a wrong would go unpunished, he said Kim cannot, as a matter of law, be the guilty party.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]