In its December 10, 2015 decision in U.S. v. Newman, the Second Circuit held that in the context of an insider trading prosecution, a corporate insider commits no breach of fiduciary duty unless he receives a personal benefit in exchange for the information, and that a “tippee is liable only if he knows or should have known of the breach.” The Second Circuit also clarified that the government cannot prove a “personal benefit” by merely showing a personal relationship between the tipper and tippee. Rather, the government must show
