• Getting By With a Little Help From Friends: United States Supreme Court to Clarify Insider Trading Liability in Tipping Cases
  • February 12, 2016 | Authors: Jodi L. Avergun; Douglas H. Fischer; Adam S. Lurie; Martin L. Seidel; Kendra (Clayton) Wharton
  • Law Firms: Cadwalader, Wickersham & Taft LLP - Washington Office ; Cadwalader, Wickersham & Taft LLP - New York Office ; Cadwalader, Wickersham & Taft LLP - Washington Office
  • On January 19, 2016, the United States Supreme Court granted certiorari in United States v. Salman, in which the Ninth Circuit Court of Appeals held that the government may prove a “personal benefit” to a tipper of inside information—a necessary element of an insider trading case involving tipping—by showing evidence that an insider made a “gift” of confidential information to a trading relative or friend.1