On July 30, the U.S. Solicitor General filed a petition for certiorari, asking the Supreme Court to review the decision in United States v. Newman. In Newman the U.S. Court of Appeals for the Second Circuit refined and narrowed the scope of insider trading liability for those who trade based on "tips" they received of confidential corporate information.  You can find my analysis of the Second Circuit's opinion from last December here.

Newman is a significant case for the law of insider trading and there is a great deal of speculation concerning whether the Supreme Court will take the opportunity to wade into the somewhat murky area of "tippee" liability.  We will probably know sometime this fall whether the Court agrees to take the case.  Stay tuned.

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