Professor David Lipton, Director of the Securities Law Program, presented a telecast talk to close to 150 lawyers for a panel presentation sponsored by the law firm of Dorsey and Whitney during their Annual Federal Enforcement Forum. Lipton's talk focused upon the origin of the development of the federal anti-insider judicial "rule" and the impact of that rule on current insider trading cases recently decided by the 2nd and 9th circuits and presently being decided by the Supreme Court. Lipton's premise was that the judicial reliance on the finding a breach of fiduciary duty makes the determination of what constitutes insider trading at best speculative.