On September 6th, the United States Court of Appeals for the Second Circuit vacated the entry of summary judgment dismissing the SEC's insider trading claims. In doing so, the court set forth the elements of tipper and tippee liability. It then found that the trial court erred in relying on an internal investigation conducted by the tipper's employer as evidence that the tipper did not breach a fiduciary duty. The internal investigation did not include outside witnesses and the corporate motivation may not have coincided with the public interest presented by the SEC's suit. SEC v. Obus.