Outside Counsel

Grappling With 'Personal Benefit' Question in Insider Trading Law

, New York Law Journal


George A. Borden and John S. Williams, partners at Williams & Connolly write: On February 19, a U.S. Court of Appeals for the Second Circuit panel passed on an opportunity to address an issue in insider trading law on which two of the Southern District's most prominent judges have reached opposite conclusions. The issue is whether a tippee who trades on inside information must know that the insider who tipped the information received a personal benefit for doing so.

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