From the New York Times
What constitutes insider trading has always been open to interpretation. Now, the Supreme Court is being asked to decide a knotty question: How much of a benefit does the source of confidential information have to receive in order to convict those who trade on it?
This week, the Justice Department filed a petition with the Supreme Court asking for review of the decision in United States v. Newman, which overturned the insider trading convictions of two hedge fund managers. The move comes after the United States Court of Appeals for the Second Circuit ruled that the government had not proved the tipper received a benefit, rejecting a request to revisit its ruling.