Dirks vs. SEC

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Dirks vs. SEC

A U.S. Supreme Court case holding that one who receives inside information may be in violation of insider trading laws if he/she believes the person who revealed the information had a duty to keep it a secret. The case was decided in 1984. See also: Constructive insider.
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Following Cady, Roberts, courts have continued to distill the term "personal benefit," perhaps most notably in the landmark case Dirks v.
8 (explaining that "[ljargely thanks to Dirks one of the most infamous frauds in recent memory was uncovered and exposed, while the record shows that the SEC repeatedly missed opportunities to investigate Equity Funding") (quoting Dirks v.
This decision is consistent with the Court's earlier decision, Dirks v.