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The law of insider trading is effectively the product of the common-law judicial interpretation of the broad terms of Section 10(b) of the Securities Exchange Act and Rule 10b-5. Thus, it is perhaps not surprising that defining insider trading law’s precise boundaries has been the subject of a fair amount of controversy over the years.1 One such controversy is teed up for resolution by the U.S. Court of Appeals for the Second Circuit in United States v. Newman,2 part of the recent spate of insider trading prosecutions brought by Southern District of New York federal prosecutors. The central issue on appeal has divided trial courts in the district: whether to be found guilty of insider trading a “tippee” must know that the insider who disclosed the information received a personal benefit for doing so.

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