Salman v. United States | |
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Argued October 5, 2016 Decided December 6, 2016 | |
Full case name | Bassam Yacoub Salman, Petitioner v. United States |
Docket no. | 15–628 |
Citations | 580 U.S. ___ (more) 137 S. Ct. 420; 196 L. Ed. 2d 351 |
Opinion announcement | Opinion announcement |
Case history | |
Prior | Conviction affirmed, 792 F.3d 1087 (9th Cir. 2015) |
Holding | |
Under Dirks, the jury could infer that the tipper here personally benefited from making a gift of confidential information to a trading relative. | |
Court membership | |
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Case opinion | |
Majority | Alito, joined by unanimous |
Laws applied | |
Securities Exchange Act of 1934 |
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.[1] 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."[2]
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