Feds charge 30 in global insider trading ring that exploited Big Law M&A data

U.S. prosecutors charged 30 people in a long-running insider trading ring that allegedly used stolen M&A data from major law firms to trade ahead of deals. The SEC also filed civil charges against 21 defendants, saying the conspiracy generated tens of millions in illicit profits from trades tied to nearly 30 corporate transactions. Arrests were coordinated May 6 (19 detained; two suspects remain at large in Russia and Israel). The prosecutions and civil suits raise reputational and compliance risks for law firms and deal participants and could prompt greater regulatory scrutiny of M&A-related data handling, potentially affecting deal timing, market confidence around takeover news, and enforcement-driven volatility in affected equities. Markets face reputational fallout rather than an immediate macro shock, but heightened oversight and litigation could influence M&A activity and investor trust in fairness of deal-related trading.