Who is/are likely or may be liable for insider trading under US Law?

Under U.S. law, the following parties may be liable for insider trading:

1. Corporate Insiders: These are individuals who have access to non-public, material information about their company. This group includes directors, officers, and employees of the company.

2. Tippees: These are individuals who receive non-public, material information from a corporate insider. If the insider breached their duty to the company by disclosing the information and the tippee knew or should have known about the breach, the tippee can be held liable for insider trading.

3. Misappropriators: These are individuals who owe a duty of trust and confidence to the source of the information, but use the information for securities trading anyway. This group can include lawyers, accountants, consultants, and others who receive confidential information from a company in the course of their work.

4. Tippers: These are individuals who provide non-public, material information to others who then trade on that information. If the tipper benefits in some way from the tip, they can be held liable for insider trading.

5. Family Members: Family members of corporate insiders or misappropriators can also be held liable for insider trading if they trade on non-public, material information they received from the insider or misappropriator.

6. Companies: Companies can also be held liable for insider trading if they trade their own securities based on non-public, material information.

It's important to note that liability for insider trading under U.S. law requires that the person trading or tipping did so in breach of a duty of trust and confidence and that they benefited in some way from the trade or tip.