High Court Seems Disinclined To Disturb Dirks In Salman

Law360, New York (October 6, 2016, 5:18 PM EDT) -- Matt McGinnis

Jonathan Schmidt

Rick Gallagher On Wednesday, the U.S. Supreme Court heard oral argument in Salman v. United States to decide whether a gift of material nonpublic information ("MNPI") to a trading relative could constitute a personal benefit for purposes of insider trading liability. A majority of justices appeared unwilling to disturb the court's long-standing guidance in Dirks v. U.S. Securities and Exchange Commission that a either a tip for "pecuniary gain" or "a gift of confidential information to a trading relative or friend" could lead to insider trading exposure.

The question of whether a mere "gift" of information could...

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