← All Authorities
United States Leading Case competition and regulation

Chiarella v United States

445 U.S. 222 (1980)
JurisdictionUnited States
CourtUS Supreme Court
Year1980
StatusBinding authority

Summary

Insider trading liability requires breach of a fiduciary duty; mere possession of material non-public information without a fiduciary relationship is insufficient.

Key Principle

insider trading requires breach of duty; mere possession of MNPI insufficient without fiduciary relationship

Area of Law

securities

Related Cases

China Trends Holdings Ltd v Stock Exchange of Hong Kong Ltd [2026] HKCFI 783

Court upholds Stock Exchange of Hong Kong delisting decisions where properly made, affirming deference to exchange regulatory decisions.

HKSAR v Mak Kwong Yiu & Ors [2025] HKCFA 20

CFA clarified the conditions under which disclosure obligations arise under the Hong Kong Stock Exchange Listing Rules in a securities context.

Christine Ruth Ong Chai Hoon v Lam Kin Chung [2025] HKCFI 3857

HK Court of First Instance dismissed investors' misrepresentation claims arising from alleged false statements made in connection with a software company IPO.

Ask CommonBench about this case

Get a detailed analysis of Chiarella v United States and how it applies to your situation.

Explain Chiarella v United States