FSA hits two US firm partners with insider dealing charges
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A partner at the London office of Dorsey & Whitney and a former partner of McDermott Will & Emery have been charged with insider trading by the Financial Services Authority (FSA), it emerged today.
According to a report on the Bloomberg financial news service, Dorsey corporate partner Andrew Rimmington and former McDermott partner Michael McFall are to be charged over their involvement in Novartis’ takeover of biotech firm Neutec in 2006.
Swiss drugs giant Novartis bought Manchester-based Neutec for £305m in June 2006.
Court documents reveal that the pair will appear in court in June to face charges of insider trading, with McFall also being charged with disclosing non-public information.
It is understood that Rimmington is being represented by Barlow Lyde & Gilbert financial services partner Ian Mason.
Former Neutec financial director Peter King is also being charged.
They could all be jailed for up to seven years if found guilty.
McFall left McDermott several months ago to launch a private equity advisory service. He joined the US firm’s City office in 2004 as a corporate partner, having left Dorsey.
A spokesperson for McDermott said the firm had not been involved in the Neutec transaction.
Rimmington joined Dorsey from Nabarro as an assistant in 1998.
