| Salman v. United States | |
|---|---|
 | |
| 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 | |
| |
| 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]
- ^ Adam Liptak (December 6, 2016). "Supreme Court Sides With Prosecutors in Insider Trading Case". The New York Times. Retrieved December 7, 2016.
- ^ Salman v. United States, No. 15–628, 580 U.S. ____ (2016).