e case include a "personal benefit test" in their text, the majority said. The Supreme Court read such a requirement into the Exchange Act in 1983's Dirks v. SEC because, in the view of Judges Sullivan and Droney, the securities fraud statute was specifically tailored to penalize trading for personal a

ctions while making very little, if any, new law. In short, the decision simply re-examines the Supreme Court's 1983 landmark decision in S.E.C. v. Dirks. Newman instructs that Dirks has been the law for over thirty years, and sets a high bar for prosecutors seeking to bring an insider trading case ag

10:24 PM 4/10/05 Incoming 1:43 PM 4/10/05 Incoming 252 PM 4/10/05 Miami, FL 318 PM 4/10/05 Incoming 19 PM 4/10105 Incoming 3:20 PM 4110/05 Dirks! 3:35 PM 411 4/10/05 W Palm Bch, FL 3:37 PM 4/10/05 New York, NY 3:38 PM (F) 1 $ - $ $ 4/10495 Dr Ass* 3:39 PM 411 1 $ - $ 125 $

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