FSA clears Stuart Rose over M&S share purchase

The Financial Services Authority has cleared Marks & Spencer (M&S) chief executive Stuart Rose of any wrongdoing in his purchase of M&S shares, leaving the way clear for a possible defamation action against Goldman Sachs.

Olswang media litigator Geraldine Proudler is advising Rose on a response to comments made by Goldman, Philip Green’s financial adviser on the M&S bid. Rose claims Goldman promoted an untruth in relation to the M&S bid, thereby damaging his reputation.

There is no suggestion that the investment bank behaved improperly or illegally.

Rose was also advised by Linklaters head of corporate David Cheyne on the FSA investigation and Slaughter and May is coordinating M&S’ defence.

Goldman last week took on Simmons & Simmons to advise on litigation arising out of the M&S bid, although the firm was not Goldman’s first choice.