Law360, New York (September 10, 2015, 10:12 AM EDT) -- The battle lines are now clearly drawn over Newman and what constitutes impermissible tipping in violation of Exchange Act Section 10(b)(here). Previously, the government filed a petition for certiorari arguing that Newman, which addressed the requirements of the Dirks personal benefit test, put an impermissible "gloss" on Dirks. Specifically, the government argued that Newman is inconsistent with Dirks' personal benefit test, that now there is a conflict in the circuits and law enforcement is being hindered in its war on insider trading. The brief for respondent Anthony Chiasson in opposition, filed in U.S. v. Newman, No. 15-137 (S.Ct.), refutes those points....