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Baker Botts’ White-Collar Lawyers Comment on Supreme Court’s Impact on Insider Trading

Media Alert
WASHINGTON, October 5, 2016 – The U.S. Supreme Court hears oral arguments this week in the highly anticipated insider trader case Salman v. United States. Baker Botts’ White-Collar partners Bridget Moore and Seth Taube are available to discuss the impact of the case as it concerns the proof required to establish whether an insider received a “personal benefit.” 

“The Federal Circuit has been split on the ‘personal benefit’ requirement with divided rulings over the past few years in the Second and Ninth Circuits,” said Bridget Moore. “The Court’s decision in Salman will determine whether ‘personal benefit’ means the Government must supply evidence that an insider received a gain of a pecuniary or similarly valuable nature, or rather, whether it is sufficient to demonstrate that the insider shared confidential information with a tippee who is a family member or friend.” 

“It has been nearly 20 years since the Supreme Court has spoken on insider trading, making Salman a highly anticipated case within the industry. It’s expected the Court’s decision in Salman will provide essential clarity on the issue, and we’ll be watching it closely,” said Seth Taube

Bridget Moore is a partner in Baker Botts’ Washington, D.C., office and focuses on securities enforcement, internal investigations and white collar defense

Seth Taube is a partner and Firmwide chair of Baker Botts’ Securities and Shareholder Litigation practice group and head of the Trial Section in the New York office. 

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