Elena Kagan

Justices seem wary of limiting insider trading prosecutions

The Supreme Court on Wednesday seemed likely to preserve the government's broad power to crack down on insider trading on Wall Street.

Most of the justices suggested during arguments in a closely watched case that insider trading violates the law even if the person supplying corporate secrets to a friend or relative doesn't receive anything of value in return.

The high court is expected to resolve a conflict among lower courts that has raised doubts about the scope of insider trading laws. A 2014 ruling from the federal appeals court in Manhattan threw out the conviction of two prominent hedge fund managers and forced prosecutors to drop charges against several...