New York Partner Eric Rieder authored an article in the January edition of The Corporate Counselor regarding the Supreme Court’s decision in United States v. Salman, a case which raised expectations that the court might significantly change insider trading law by curtailing liability for trading on tips from family members. Instead, the unanimous December ruling reaffirmed that liability, even if the tipper receives no monetary gain. “Although the decision leaves unanswered a number of insider trading issues, and did not give the government everything it sought, it was nonetheless a significant victory for prosecutors and SEC regulators,” Rieder wrote. “A contrary result would have permitted a broad swath of trades long thought to constitute prohibited insider trading.”
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Reprinted with the permission of The Corporate Counselor.