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Supreme Court of the United States › Illegal Tipping

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

Robins Kaplan LLP

Your Daily Dose of Financial News

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Milwaukee-based Harley-Davidson announced on Monday that it will shift some of its motorcycle production overseas “to avoid retaliatory tariffs imposed by the European Union” in response to the White House’s trade moves....more

BakerHostetler

2017 Year-End Securities Litigation and Enforcement Highlights

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Welcome to the 2017 Year-End Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose of this report is to provide a periodic survey of matters we believe to be of interest...more

BakerHostetler

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

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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

Kilpatrick

Second Circuit Clarifies its Post-Salman Position, Affirms Insider Trading Conviction

Kilpatrick on

On August 23rd, the Second Circuit issued its much-anticipated opinion in U.S. v. Martoma, affirming the 2014 insider trading conviction of S.A.C. Capital Advisors portfolio manager Matthew Martoma. In doing so, it clarified...more

Manatt, Phelps & Phillips, LLP

Corporate Investigations and White Collar Defense - December 2016

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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?

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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

King & Spalding

Timely Reminders to Avoid Inadvertent Tipping Liability

King & Spalding on

Just in time for the annual season of work holiday parties and family gatherings, the United States Supreme Court unanimously confirmed that leaking material non-public information to a close relative who then trades in...more

Lowndes

7 Things You Should Consider To Avoid Criminal Prosecution

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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

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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

Clark Hill PLC

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

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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

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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

Katten Muchin Rosenman LLP

Bridging the Week - December 2016 #2

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Last week, the Commodity Futures Trading Commission proposed revised position limit rules and finalized requirements related to the aggregation of positions and accounts to assess compliance with speculative position limits...more

BakerHostetler

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

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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

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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

Akin Gump Strauss Hauer & Feld LLP

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

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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

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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

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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

Dorsey & Whitney LLP

The Supreme Court Reaffirms Dirks in Salman

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On December 6th, the U.S. Supreme Court handed down its first major decision on insider trading in over 20 years, and affirmed the conviction of Bassam Salman for violations of Section 10(b) of the Securities Exchange Act of...more

Holland & Knight LLP

Supreme Court Clarifies Insider Trading

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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

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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

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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

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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

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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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