transcript   Transcript

Supreme Court Weighs in on Insider Trading: Salman v. United States

Recorded on: Mar. 21, 2017
Running Time: 01:04:50

Full Transcript:

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Taken from the Web Program Supreme Court Weighs in on Insider Trading: Salman v. United States recorded March, 2017 in New York.

On December 6, 2016, for the first time in nearly 20 years, the Supreme Court weighed in on insider trading law. In Salman, the Court put to bed confusion generated by the Second Circuit’s decision in United States v. Newman as to what constitutes a sufficient “personal benefit” received by a corporate insider for that insider (and subsequent tippees) to be liable for disclosing material nonpublic information. Salman resolved a split between the Second and Ninth Circuits by following the Supreme Court’s 1983 decision in Dirks v. SEC and holding that an insider’s gift of confidential information to a trading relative is a sufficient personal benefit.

Lecture Topics  [01:04:50]

Listen to David I. Miller and Kenneth I. Schacter from Morgan, Lewis & Bockius LLP and Alexandra A.E. Shapiro, from Shapiro Arato LLP, who represented Mr. Salman before the Supreme Court, as they discuss:

  • The Supreme Court’s opinion
  • Tippee liability after Salman
  • Personal benefit(s) supplied to insider/tippers
  • The future of insider trading investigations

Presentation Material

    David I. Miller, Kenneth I. Schacter, Alexandra A.E. Shapiro
  • Supreme Court weighs in on Insider Trading: Salman v. United States
    David I. Miller, Kenneth I. Schacter, Alexandra A.E. Shapiro
David I Miller ~ Morgan, Lewis & Bockius LLP
Kenneth I Schacter ~ Morgan, Lewis & Bockius LLP
Alexandra A.E. Shapiro ~ Shapiro Arato LLP
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