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Insider Trading Law Remains Murky After High Court Ruling

December 6, 2016, Law360

Arlo Devlin-Brown is quoted in a Law360 article regarding the significance of the Supreme Court’s insider trading case involving Bassam Salman. According to Devlin-Brown, “I think it’s a big win for the DOJ and the SEC, and it really clears a path towards more aggressive insider trading enforcement.”

Devlin-Brown adds that the holding in Salman covers “nearly the universe of human behavior.” Because the court didn’t specify whether a friendship must be close or meaningful, he says, anything that fits under the “conventional understanding” of friendship will likely suffice. “I just don’t think, unless you’re talking about extreme outlier situations, that a jury is likely to be held up by, ‘Well, they weren’t good enough friends.’”


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