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Supreme Court Affirms Insider Trading Laws

The U.S. Supreme Court strongly affirmed its historic approach to insider trading today in a decision that will please government prosecutors. In Salman v. U.S., the court unanimously held that a person violates federal laws against insider trading when he trades on information given to him by someone who knew the information was confidential but wasn't trying to make money by passing along the information. The latter person - the tipper, in legal language - is also liable under the securities laws.

The unanimous decision written by Justice Samuel Alito closely follows the Supreme Court's 1983...