2nd Circ. Has New Test For Determining 'Personal Benefit'

By Geoffrey Chepiga, Daniel Kramer, Lorin Reisner and Richard Tarlowe (August 25, 2017, 4:49 PM EDT) -- On Wednesday, in United States v. Martoma, the U.S. Court of Appeals for the Second Circuit overruled its own 2014 decision in United States v. Newman and altered the standard for determining whether the personal benefit element of insider trading has been satisfied. The decision had been eagerly anticipated as a key test for how courts would interpret the U.S. Supreme Court's 2016 decision in Salman v. United States. ...

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