Lawyers Face Insider Dealing Charges

Thu, 28 May 2009

Two senior city lawyers are facing charges of insider dealing as part of an investigation by the Financial Services Authority (FSA). Andrew Rimmington, a corporate partner in Dorsey and Whitney’s London office, and Michael McFall, a former London corporate partner at McDermott Will and Emery law firm, face charges of insider dealing relating to the takeover of Neutec Pharma by Swiss pharmaceuticals group Novartis in 2006.

The solicitors are due to appear at City of Westminster Magistrates Court next month, alongside Peter King, former finance director of Neutec Pharma. Mr McFall only left McDermott Will and Emery this year, whilst Mr Rimmington continues to work for Dorsey and Whitney legal firm having joined them in 1998 four years after he qualified as a lawyer .

The prosecution is the fifth criminal insider dealing case instigated by the FSA. Christopher McQuoid and his father in law James Melbourne were recently found guilty of exploiting confidential information, with Mr McQuoid subsequently sentenced to eight months in jail while Melbourne’s eight-month sentence was suspended.

Despite the successful convictions, the FSA has faced allegations of pursuing peripheral figures rather than those at the heart of the problem. However, in prosecuting a former finance director and two lawyers, this latest case is seen as the FSA taking its case closer to the city.
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