Posted in Corporate Crimes/Insider Trading/Whistleblowing

What is a personal benefit? US Supreme Court issues major insider trading decision – key takeaways

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.

Source

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Junior Legal Counsel with a remarkable lust for legal and business knowledge

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