U.S. – Salman vs. United States.
The Ninth circuit (for the records District of Alaska, District of Arizona and Central District of California) twisted the doctrine that a counterperformance is required as the dsiclosure of non-public informaiton is per se a breach of the confidential duty with the company.
The position is backed-up by the Supreme Court and rehashes:
- the difficulties in tracking improper behaviourwith remote tippees
- how companies should be flexible in defining gifts and counterperformances in their internal policies, to properly tackle the issue.