Monday, January 28, 2008

Shareholders file insider trading suit | Herald Sun

Shareholders file insider trading suit | Herald Sun

ABOUT 100 Societe Generale shareholders have filed suit for insider trading and manipulating share prices after the French bank revealed multi-billion-euro losses, a lawyer said overnight.

The suit targets a member of the bank's supervisory board who sold shares worth €85.7 million ($143.91 million) on January 9 and "any other person who directly or indirectly profited from insider information", said lawyer Frederik-Karel Canoy.

The financial market regulator, the AMF, said the sale had been carried out by Robert A Day, a member of the board since 2002, at a price of €95.27 ($159.98) per share.

It said that two foundations "linked" to Mr Day, the Robert A Day Foundation and the Kelly Day Foundation, had sold shares on January 10 in the respective amounts of €8.63 million ($14.49 million) and €959,066 ($1.61 million).



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