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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary... more +
The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term.  The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -
Proskauer - Corporate Defense and Disputes

Insider Trading for Dummies: Judge Rakoff Tries to Simplify the Law

Proskauer - Corporate Defense and Disputes on

A lot of ink has been spilled over the crime of insider trading, which – in the view of U.S. District Judge Jed Rakoff – “is a straightforward concept that some courts have managed to complicate.” In his recent decision in...more

BakerHostetler

Second Circuit Majority in U.S. v. Martoma Eliminates Proof of Financial or Other Personal Benefits to Tipper for Conviction

BakerHostetler on

On Aug. 23, 2017, the United States Court of Appeals for the Second Circuit issued a split decision in United States v. Martoma, upholding a portfolio manager’s insider trading conviction and finding that a tippee need not...more

Manatt, Phelps & Phillips, LLP

Corporate Investigations and White Collar Defense - December 2016

Manatt, Phelps & Phillips, LLP on

Insider Trading: Supreme Court Affirms Salman - Why it matters: On December 6, 2016 the Supreme Court decided Salman v. U.S., in which it upheld the petitioner’s insider trading conviction. The Court found its 1983...more

Baker Donelson

Salman v. U.S.: More Questions than Answers?

Baker Donelson on

The United States Supreme Court recently rendered a decision in Salman1 resolving a circuit split over whether the government prosecuting an insider trading case must show that the person giving an insider tip received...more

Lowndes

7 Things You Should Consider To Avoid Criminal Prosecution

Lowndes on

In its first insider trading ruling in almost 20 years, the U.S. Supreme Court upheld a ruling by the 9th Circuit Court of Appeals that a person can be held criminally liable for passing inside information to a friend or...more

Polsinelli

Is That What Friends (and Family) Are For? Supreme Court Resolves Circuit Split in Insider Trading Case But Questions Remain

Polsinelli on

A recent Supreme Court decision provides new guidance in the area of insider trading liability without personal benefit, and resolves an existing split between the Ninth Circuit and Second Circuit Court of Appeals. In Salman...more

Kilpatrick

Supreme Court Confirms Expansive View of Insider Trading

Kilpatrick on

Perhaps the most serious charge that could be leveled against a reader of this blog is that of being engaged in or associated with “insider trading.” The allegation alone is enough to derail or end a promising career. ...more

Blank Rome LLP

Unanimous Supreme Court Decision Will Significantly Increase the Ability of Federal Prosecutors to Pursue Certain Insider Trading...

Blank Rome LLP on

Action Item: Last week, in a unanimous decision in Salman v. U.S., the U.S. Supreme Court affirmed the Ninth Circuit’s interpretation of insider trading rules, permitting prosecutions even when the insider/tipper did not...more

Seyfarth Shaw LLP

Salman v. United States Broadens Some Contours of Insider Trading Law, but Leaves Others Uncertain

Seyfarth Shaw LLP on

Salman v. United States, is only the third insider-trading case heard by the United States Supreme Court. In Salman, the Court upheld the insider trading conviction of Bassam Salman, ruling that a tipper’s gift of...more

Clark Hill PLC

First Supreme Court Insider Trading Decision in Almost Two Decades Resolves Split Between Circuits

Clark Hill PLC on

Last week, the United States Supreme Court issued its first decision in an insider trading case in nearly two decades to resolve a split between the Second and Ninth Circuit Courts of Appeal. In its unanimous decision in...more

Miller Canfield

U.S. Supreme Court Affirms Broader View of “Personal Benefits” That Can Trigger Insider-Trading Liability

Miller Canfield on

To be liable for insider trading in violation of the federal securities laws, the insider “tipper” who discloses the inside information must personally benefit, directly or indirectly, from his disclosure to a “tippee” who...more

BakerHostetler

The Supreme Court's Limited Insider Trading Ruling: Salman Decision Narrowly Affirms Dirks and Leaves Portions of Newman Intact

BakerHostetler on

On December 6, 2016, the United States Supreme Court issued a unanimous decision in Salman v. United States, affirming what it had set out in dicta in its 1983 decision in Dirks v. SEC by finding that a factfinder may infer...more

Latham & Watkins LLP

Supreme Court Revisits Insider-Trading Liability

Latham & Watkins LLP on

Salman reaffirms Dirks and holds that a “gift” of inside information to a trading relative or friend continues to meet the personal-benefit requirement. The Salman Prosecution - In 2011, Bassam Yacoub Salman was...more

Bradley Arant Boult Cummings LLP

In Rare Insider Trading Decision, Supreme Court Declines to Restrict Scope of Personal Benefit Required to Impose Liability on...

Bradley Arant Boult Cummings LLP on

The Supreme Court issued its decision in Salman v. United States on Tuesday, unanimously affirming the conviction of Petitioner Bassam Salman. Following a circuit split on the issue of “gift-giving” and personal benefits, the...more

Sheppard Mullin Richter & Hampton LLP

U.S. Supreme Court Confirms that a Corporate Insider Receives a “Personal Benefit” by Providing Confidential Information to a...

Sheppard Mullin Richter & Hampton LLP on

In Salman v. United States, No. 15-628, 580 U.S. ___, 2016 WL 7078448 (2016), the United States Supreme Court (Alito, J.) unanimously affirmed the insider trading conviction of petitioner Bassam Salman on the ground that Mr....more

Akin Gump Strauss Hauer & Feld LLP

United States v. Salman: Supreme Court Reaffirms “Friends With Benefits” Test In Insider Trading Cases

Akin Gump Strauss Hauer & Feld LLP on

On December 6, 2016, in an opinion written by Justice Alito, the Supreme Court unanimously affirmed the Ninth Circuit’s decision in Salman v. United States, a closely-watched insider trading tipping case. Salman builds upon...more

Pierce Atwood LLP

Supreme Court Lowers Burden in Insider Trading Prosecutions

Pierce Atwood LLP on

On December 6, 2016, the U.S. Supreme Court issued its first insider trading decision in nearly two decades unanimously affirming the Ninth Circuit and holding that an insider’s “gift” of confidential information to a...more

Cadwalader, Wickersham & Taft LLP

The Supreme Court Restores Implied Benefit Theory in Insider Trading Prosecutions of Downstream Tippees

Cadwalader, Wickersham & Taft LLP on

Friends and relatives of corporate insiders who knowingly receive and trade on inside information now confront greater exposure for federal securities laws violations. On December 6, 2016, the Supreme Court held in United...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Salman Rejects Heightened Personal-Benefit Requirement in Insider Trading Prosecutions"

Skadden, Arps, Slate, Meagher & Flom LLP on

On December 6, 2016, the U.S. Supreme Court in Salman v. United States unanimously held that an insider's gift of confidential information to a "trading relative or friend" is sufficient to establish the personal benefit to...more

Holland & Knight LLP

Supreme Court Clarifies Insider Trading

Holland & Knight LLP on

The U.S. Supreme Court has clarified what constitutes illegal insider trading by making it easier for the government to bring such cases. In a Dec. 6, 2016, unanimous decision in Salman v. United States, the court held that...more

Orrick, Herrington & Sutcliffe LLP

United States Supreme Court Clarifies Standard for Insider Trading

Orrick, Herrington & Sutcliffe LLP on

Today, the United States Supreme Court held that an individual may be convicted of insider trading after receiving an investment tip from an insider who obtained no direct financial benefit from the disclosure. In a unanimous...more

A&O Shearman

Supreme Court Affirms That Pecuniary Benefit Not Required For Family Member Tips, But Declines to Address What Constitutes a...

A&O Shearman on

Yesterday, the United States Supreme Court issued a unanimous, but narrow, ruling in Salman v. United States, regarding criminal tipper/tippee liability for insider trading, which the Supreme Court had not significantly...more

Wilson Sonsini Goodrich & Rosati

Government Prevails in Significant Insider Trading Case

Wilson Sonsini Goodrich & Rosati on

On December 6, 2016, the U.S. Supreme Court issued one of its most significant rulings on insider trading in recent years. In its ruling in Salman v. United States, the Supreme Court unanimously upheld Bassam Yacoub Salman’s...more

K&L Gates LLP

Key Implications of the Supreme Court’s Decision in Salman

K&L Gates LLP on

Yesterday the Supreme Court issued its decision in Salman v. United States, the first insider trading case to reach the Court in decades. In a unanimous opinion delivered by Justice Alito, the Court affirmed the criminal...more

BakerHostetler

Supreme Court Holds That a Gift of Confidential Information Supports Insider Trading Conviction

BakerHostetler on

In a highly anticipated decision, the Supreme Court yesterday upheld a man’s conviction for insider trading based on a tip provided by his brother-in-law and rejected his contention that, in order to convict him, the...more

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