Perspective
Aug. 11, 2015
Tipping friends without benefits
The U.S. government is seeking Supreme Court review of a game-changing ruling which has wreaked havoc on insider trading convictions. By Joshua D. Franklin
In December 2014, the 2nd U.S. Circuit Court of Appeals issued a game-changing insider
trading decision, United States v. Newman, which has wreaked havoc on dozens of insider trading convictions within the Southern
District of New York and beyond. Newman held that insider trading liability against a tippee requires proof that the tippee
knew or should have known that the initial...
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