What was the holding in the Salman vs. US case?

The holding in the Salman v. United States case established that relationships, particularly familial connections, can support convictions for insider trading even in the absence of direct financial gain. The case involved Salman sharing non-public information about the stock of a company with his brother-in-law, who then traded on that information. The court determined that the personal relationship and the sharing of information constituted a breach of fiduciary duty, which is a critical component in insider trading cases.

This ruling emphasized that the insider trading law is designed to uphold the integrity of the market by penalizing those who exploit confidential information, regardless of whether a monetary benefit was realized from the trades. Thus, the broader implications of this holding are significant, as they indicate that insider trading can still be actionable when the information is shared among close relationships, highlighting the importance of trust and loyalty in such contexts.