Insider Trading Law Remains Murky After High Court Ruling
Law360, New York (December 6, 2016, 10:36 PM EST) -- The U.S. Supreme Court's decision Tuesday upholding the government's insider trading case against Bassam Salman is a victory for prosecutors hampered by the Second Circuit's Newman decision, experts said, but the justices' narrow holding won't resolve the long-standing question of who qualifies as a friend under the court's insider trading precedent.
The high court's unanimous opinion rejected Salman's claims that he couldn't be convicted for insider trading because his brother-in-law Maher Kara received no pecuniary benefit for passing tips. It ruled instead that prosecutors don't need to show that tipsters received concrete benefits for their tips if they gifted information to...
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