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Quotation from Dirks v. SEC by Supreme Court of the United States
“The elements of fiduciary duty and exploitation of nonpublic information also exist when an insider makes a gift of confidential information to a trading relative or friend.”
Dirks v. SEC, Opinion of the Court (Justice Powell), Part III–C (U.S. Reports text (Legal Information Institute))
Justice Powell explains that a gift of information can satisfy the personal-benefit test.
Citation: "The elements of fiduciary duty and exploitation of nonpublic information also exist when an insider makes a gift of confidential information to a trading relative or friend." — Supreme Court of the United States, Dirks v. SEC, Opinion of the Court (Justice Powell), Part III–C (U.S. Reports text (Legal Information Institute)). (id dirks-v-sec-q2)
Portrait: US Supreme Court Justice Lewis Powell - 1976 official portrait, Color negative by Robert S. Oakes, Public domain.
