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: Breaking Legal NewsUK court dismisses insider dealing case
By (Breaking Legal News)
Britain's regulator lost its first criminal case for insider dealing on Thursday as a jury acquitted a lawyer and a finance director of wrongdoing and a second lawyer had charges against him dropped.
The Financial Services Authority had charged Andrew King, a finance director, and lawyers Michael McFall and Andrew Rimmington with eight counts of insider dealing during the 305 million pound ($450 million) takeover of biotech firm NeuTec Pharma by Swiss drugmaker Novartis.
But in a blow to the regulator, the jury dismissed the charges against McFall -- a former partner at law firm McDermott Will & Emery -- and King, the former finance chief at NeuTec.
Rimmington, a former partner at law firm Dorsey & Whitney, was discharged by the judge half-way through the trial for personal reasons. His brother had been assaulted and killed and the FSA said it was not pursuing him separately.
Full post as published by Breaking Legal News on June 03, 2010 (boomark / email).
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