Ian Roffman Analyzes the Supreme Court’s Salman Decision in Bloomberg BNA Securities Law DailyPrint PDF
Ian Roffman, chair of Nutter’s Litigation Department and a partner in the firm’s Securities Enforcement and Litigation practice group, was quoted extensively on the U.S. Supreme Court’s insider trading decision in Salman v. United States by Bloomberg BNA Securities Law Daily. In the article, “Lawyers See Limited Impact of High Court Insider Decision,” Ian, former Senior Trial Counsel in the SEC’s Boston office, notes that the Court held that that intangible benefits could be enough for insider trading liability, but was clear they might not always be enough. According to Ian, following the decision, Securities and Exchange Commission insider trading investigations are likely to be very fact-intensive and probing, especially into the personal and professional relationships between tippers and tippees. “For now, we’re back in the pre-Newman world. Any kind of professional relationship could potentially give rise to liability if some type of indirect benefit was provided in exchange for inside information. The Court hinted that brighter lines could be drawn in the future, but it refused to do so now,” he said.