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On Wednesday, October 5, the Supreme Court heard argument in Salman v. U.S. on what constitutes a personal benefit in insider trading.  The Court will consider the Ninth Circuit’s holding in this matter that a personal benefit can be established by the fact that a tippee shared a close family relationship. The Second Circuit previously held in United States v. Newman that a personal benefit to an insider necessary to establish insider trading under Dirks v. SEC requires proof of “an exchange that is objective, consequential, and represents at least a potential gain of a pecuniary or similarly valuable nature.” 


  • Todd F. Braunstein, Global Head of Legal Investigations, Willis Towers Watson