The Dorsey & Whitney partner at the heart of a Financial Services Authority (FSA) insider trading case has been sacked by the firm.
London corporate partner Andrew Rimmington faces charges along with former McDermott Will & Emery partner Michael McFall over their involvement inNovartis’ 2006 takeover of Manchester-based biotech company NeuTec.
Rimmington’s details were removed from the Dorsey & Whitney website last Thursday (21 May).
A firm spokesman confirmed that Rimmington had worked at the London office until news of the prosecution broke last week.
Managing partner Marianne Short said: “Dorsey & Whitney has firm policies regarding securities trading by lawyers. We take these policies and our obligations to 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 the 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 & Whitney 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.
