• Scope of Criminal Insider Trading Liability for Remote Tippees - United States v. Newman:  Second Circuit Reverses Insider Trading Convictions; Requires That Tippee Know of Benefit Received by Insider; Strengthens Evidentiary Showing Required To Prove Benefit
  • February 18, 2015 | Authors: Nicolas Bourtin; Brian T. Frawley; Robert J. Giuffra; Steven R. Peikin
  • Law Firm: Sullivan & Cromwell LLP - New York Office
  • On December 10, 2014, the United States Court of Appeals for the Second Circuit issued an important decision narrowing the scope of so-called tippee liability—the liability of individuals who, though not insiders, receive material, non-public information from insiders either directly or indirectly and trade on the basis of that information.