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The Dorsey & Whitney partner at the heart of an FSA insider trading case has been sacked by the firm.
London corporate partner Andrew Rimmington is facing criminal charges along with former McDermott Will & Emery partner Michael McFall over their involvement in Novartis’ takeover of Manchester-based biotech company Neutec in 2006 (20 May).
Rimmington’s details were removed from the Dorsey website on yesterday.
A firm spokesman confirmed that Rimmington had worked at the London office up until news of the prosecution broke.
Managing partner Marianne Short said: “Dorsey & Whitney has clear and firm policies regarding securities trading by our lawyers. We take these policies and our other obligations to our clients very seriously.”
Rimmington, who is being represented by Barlow Lyde & Gilbert financial services partner Ian Mason, will appear in court in June to face insider trader charges.
McFall, who left McDermott several months ago to start a private equity advisory firm, is being charged with insider trading and disclosing non-public information.
In a statement, Dorsey said it was co-operating fully with the FSA investigation and that is did not advise on the transaction.
A spokesman for McDermott said the firm was also not involved in the Neutec deal.
Former Neutec financial director Peter King has also been charged. They could face up to seven years in jail if found guilty.
Swiss drugs group Novartis bought Neutec for £305m in June 2006.