> But it doesn't transform the information contained therein to nonpublic.

The legal opinion itself was non public? If they couldn't use that they would first have to put up the money to pay the legal fees to find out how likely their bet was to pay off.

And just to put this in writing too, I would be shocked if we don't find out later that a lot of the volatility was a way for a few people to make a lot of money. You can make a lot of money when there's more volatility. So all the flip flopping on tariffs yes/no might very well be manipulating markets...