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In this article, Jenner & Block Partners Mary Ellen Callahan and Michael K. Lowman examine a recent case in which the US Securities and Exchange Commission brought the largest enforcement action against alleged hackers of two newswire services. The authors explain that the defendants were charged with violating federal securities laws civilly and criminally. However, the authors also observe that the conduct may not have violated the laws, for several reasons. They then analyze court rulings regarding insider trading and how those rulings pertain to hacking. The article is the latest installment of Ms. Callahan’s regular Privacy and Information Governance (PIG) Tales column in the Los Angeles and San Francisco Daily Journal.