Hi Liz,
   I think it is SEC v. Switzer, 590 F. Supp 756 (W.D. Okla. 1984)
involving the old Oklahoma (and later Dallas Cowboy) football coach
Barry Switzer (who still appears on TV occasionally as a commentator).  
 The facts, as I remember, are similar to what you recall, with Barry
taking a nap or a rest in the stands during or after a practice when he
overheared a man he did not know talking about a pending takeover.  He
invested in one of the companies and made money, but he prevailed in the
SEC case against him.  
   I don't think the case was appealed.  Is that right, Sooner experts,
Dan and Nim?
All the best, Michael 

Michael B. Bixby
Professor, Legal Studies in Business
College of Business & Economics
Boise State University
Boise, ID 83725
(208) 426-3675
>>> "Ellis, Liz" <[log in to unmask]> 02/18/09 11:00 AM >>>
Can someone remember the name of the case where the Court (supreme
court?) decided that trading on inside information that was accidentally
acquired -overheard in a public place - was not illegal ?  I think it
was overheard at a sports stadium or someplace like that & there was no
relationship between the tipper and tippee.

 

  _____  

Lizbeth G. Ellis
Department Head
Department of Finance
College of Business
New Mexico State University
P.O. Box 30001, MSC 3FIN
Las Cruces, NM  88003

575-646-3201 (phone)
575-646-2820 (fax)
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