The justices will hear an appeal from Bassam Salman, an Illinois man convicted of using information leaked by a onetime Citigroup Inc. investment banker. Salman says the judges in his case set the bar too low for prosecutions stemming from information passed by a corporate insider to a friend, relative or business associate.
The main issue is whether prosecutors must show that the insider received a concrete benefit in exchange for passing on the information. A San Francisco-based federal appeals court ruled in Salman’s case that wasn’t required, splitting with a New York-based panel that reached the opposite conclusion seven months earlier.
via Insider-Trading Clash Will Get Review From U.S. Supreme Court – Bloomberg Politics
