Salman v. United States
Salman v. United States, 580 U.S. ___ (2016), was a United States Supreme Court case in which the Court held that gifts of confidential information without any compensation to relatives for the purposes of insider trading are a violation of securities laws. The Court relied on its decision in Dirks v. Securities and Exchange Commission, 463 U.S. 646 (1983), which held that "that a tippee is exposed to liability for trading on inside information only if the tippee participates in a breach of the tipper's fiduciary duty."
|Salman v. United States|
|Argued October 5, 2016|
Decided December 6, 2016
|Full case name||Bassam Yacoub Salman, Petitioner v. United States|
|Citations||580 U.S. ___ (more)|
137 S. Ct. 420; 196 L. Ed. 2d 351
|Opinion announcement||Opinion announcement|
|Prior||Conviction affirmed, 792 F.3d 1087 (9th Cir. 2015)|
|Under Dirks, the jury could infer that the tipper here personally benefited from making a gift of confidential information to a trading relative.|
|Majority||Alito, joined by unanimous|
|Securities Exchange Act of 1934|
A jury convicted Bassam Yacoub Salman of securities fraud and U.S. District Judge Edward M. Chen then denied Salman’s motion for a new trial. On July 6, 2015, the United States Court of Appeals for the Ninth Circuit affirmed the conviction, in which Judge Jed S. Rakoff was joined by Judges Morgan Christen and Paul J. Watford.
Opinion of the CourtEdit
- Adam Liptak (2016-12-06). "Supreme Court Sides With Prosecutors in Insider Trading Case". The New York Times. Retrieved 2016-12-07.
- Salman v. United States, No. 15–628, 580 U.S. ____ (2016).
- United States v. Salman, 792 F.3d 1087 (9th Cir. 2015).
- "Salman v. United States". Oyez Project. Retrieved 7 December 2017.
- The Supreme Court, 2016 Term — Leading Cases, 131 Harv. L. Rev. 383 (2017).
- Text of Salman v. United States, No. 15-628, 580 U.S. ___ (2016) is available from: Justia Oyez (oral argument audio) Supreme Court (slip opinion)
- SCOTUSblog coverage
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