Yes, I think that's a fair conclusion. More case law on this subject has been centered around the relationship between the defendant and the company. In parti

Yes, I think that's a fair conclusion. More case law on this subject has been centered around the relationship between the defendant and the company. In particular, does the defendant owe the company a _duty of care_, or, put differently, is the defendant _entrusted_ with protecting a company's secrets? If no, then typically defendants have not been held liable. Sometimes the defendant isn't even the person who traded - it's been the person who tipped off the trader, and who gained some benefit from that trade. Where the trader is family or another close relationship, such benefit is often presumed in the law. (Disclaimer: I am an attorney but this is not legal advice. Consult a licensed attorney in your jurisdiction.)