'Newman' Addresses Divisive Insider Trading Question

, New York Law Journal

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Benjamin Gruenstein and Jeff Izant of Cravath, Swaine & Moore write: In 'United States v. Newman', the U.S. Court of Appeals for the Second Circuit will likely answer a question that has divided courts in insider trading cases: whether, under the so-called "classical" theory of insider trading, a tippee must have knowledge of the personal benefit the tipper derived from the scheme.

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