Tom Sporkin Quoted in Financial Times Article, "Supreme Court Tackles Insider Trading"
October 4, 2016
Tom Sporkin was quoted on October 4, 2016 in a Financial Times article regarding a Supreme Court hearing on insider trading laws. The case, scheduled for Wednesday October 5, 2016, is Salman v. United States, and the Court’s decision will have extensive ramifications for market traders. The Financial Times writes that Salman v. United States “could mark the biggest rewrite of insider trading law since the days of Michael Milken and Ivan Boesky.”
However, defense attorneys hope that the Supreme Court will decide on two legal definitions that are, to date, unclear. Firstly, the Court needs to define what “benefit” an insider must receive for providing a trading tip; and secondly, what the receiver of a tip must know about the tip’s origins. Sporkin noted, “These are the two key uncertainties,” and went on to cast these uncertainties in light of opportunity for the Court stating, “This is an opportunity for the Supreme Court to settle these questions.”
Click here to read the full article at www.ft.com (subscription required)