Rejecting the Second Circuit’s view that, to be liable as a tipper under Rule 10b-5 insider trading law, the tipper must receive a tangible benefit, the Supreme Court held it suffices that the tipper benefited by making a gift of the material nonpublic information to a trading relative or friend.

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On behalf of Bill Fisher, the long-form Securities Caselaw Developments 2016 is posted for open access. Professor Fisher prepares this summary and analysis every year in long form, then cuts it down for publication by the American Bar Association in The Business Lawyer. He distributes the long form to selected practitioners and academics in the field. Bill hopes that you find this work useful. If you would like to contact Bill, his office email at the University of Richmond School of Law is bfisher@richmond.edu.