News & Analysis as of

US v Salman Securities Violations

Allen Matkins

SEC Alleges Tipper Received Or Expected A Benefit, But Fails To Identify The Benefit

Allen Matkins on

In Dirks v. SEC, 463 U.S. 646 (1983), the United States Supreme Court found that a tippee may be liable for trading on the basis of material, nonpublic information if he or she knows that the tipper disclosed inside...more

Proskauer - Corporate Defense and Disputes

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

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

Proskauer Rose LLP

Second Circuit Again Holds That Tipper/Tippee Liability Can Arise from a Gift of Inside Information Even Without a Close Personal...

Proskauer Rose LLP on

The Second Circuit confirmed this week that a "meaningfully close personal relationship" is not required for insider-trading liability where a tipper discloses inside information as a gift with the intent to benefit the...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

Latham & Watkins LLP

Divided Second Circuit Broadens Personal Benefit Test for Insider Trading Liability

Latham & Watkins LLP on

The court’s Martoma decision reinvigorates the US government’s ability to prosecute insider trading cases. Key Points: - The majority opinion overrules recent case law requiring that an insider have a meaningfully close...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

Proskauer - Corporate Defense and Disputes

Watch the Napkin: First Circuit Affirms Insider-Trading Conviction

In what appears to be the first appellate decision since the Supreme Court’s December 2016 ruling in Salman v. United States, the U.S. Court of Appeals for the First Circuit affirmed an insider-trading conviction based on a...more

Cadwalader, Wickersham & Taft LLP

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

K&L Gates LLP

Insider Trading Law After Salman v. United States

K&L Gates LLP on

In Salman v. United States, decided on December 6, 2016, the Supreme Court upheld a conviction for criminal violations of insider trading laws. The Court, however, declined to adopt the expansive theories of insider trading...more

Manatt, Phelps & Phillips, LLP

Corporate Investigations and White Collar Defense - December 2016

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

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

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

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

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

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

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

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

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

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

Goodwin

Supreme Court Weighs In On Insider Trading Law – Finds Giving Gifts Can Be Its Own Reward

Goodwin on

In its decision issued yesterday in Salman v. United States, 580 U.S. __ (2016), the United States Supreme Court unanimously affirmed a criminal insider trading conviction even though there was no evidence that the tipper...more

King & Spalding

In Salman v. United States, Supreme Court Holds that the Government Need Not Prove that an Insider Received a Pecuniary Benefit in...

King & Spalding on

On December 6, 2016, the Supreme Court issued a unanimous decision in Salman v. United States, holding that a tipper’s gift of confidential, inside information to a trading relative constituted a sufficient personal benefit...more

Morgan Lewis

The Salman Decision-The Supreme Court Weighs in on Insider Trading

Morgan Lewis on

Significant decision comes after nearly two decades of silence. For the first time in nearly 20 years, the US Supreme Court has weighed in on insider trading law and handed a victory to the government and its insider...more

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