• The Hill, Tuesday, September 22, 2026 6:38 PM

The city’s attorney, David Chiu, argued that Trump Media & Technology Group (TMTG) violated California’s Unfair Competition Law, a state law against insider trading. “These everyday investors are placed at a substantial disadvantage to sophisticated firms willing and able to pay extraordinary sums for advanced access to market-moving information,” wrote David Chiu, city attorney, in the lawsuit. “Trump Media’s scheme is unprecedented in its monetization of nonpublic information obtained through government service and sold on the private market.”

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