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Supreme Court to Hear Case That Will Affect Insider Trading Liability of Tippees
A case heading to the Supreme Court could dramatically change insider trading law that bars trades by recipients of stock tips. In consenting earlier this year to hear the defendant's appeal in United States v. Salman, 792 F.3d 1087 (9th Cir. 2015), the Court agreed to consider a case that raises the question of whether a trade based on an inside tip is permitted so long as the tipper was motivated by familial love rather than monetary gain.
Both government regulators and defense attorneys are closely following the case. A decision in favor of the defendant could mean that prosecutors will not be able to pursue a category of insider trades long thought to be subject to prosecution. By contrast, an affirmance of the conviction could curtail some of the defense arguments that have gathered momentum in the wake of the U.S. Court of Appeals for the Second Circuit's prominent 2014 Newman decision that narrowed the liability of tippees.
Tippee liability concerns the liability of an individual who receives a tip of nonpublic, material information from an insider (or someone else with inside knowledge who has a duty not to exploit it). The liability of the recipient for trading on such information is one of the most hotly debated areas of insider trading law today.
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