Tags: Soros | Insider | Trading | Case

Soros Insider Trading Case to Be Reviewed by Court

Thursday, 16 Sep 2010 08:52 AM

Billionaire investor George Soros won a bid to have the European Court of Human Rights review his French insider-trading conviction from 2002, one of his lawyers said.

The court notified Soros it will rule on the complaint without a hearing, based on submissions by the parties, Ron Soffer, a Paris-based attorney, said in a telephone interview.

“We hope that the court will issue a final ruling in the same spirit and are certain that the conviction will be overturned as a result,” said Soffer, who’s working with London lawyer Anthony Lester, on the complaint.

Soros, 80, was convicted of insider trading and ordered to repay 2.2 million euros ($2.9 million) he’d made from a 1988 purchase of Societe Generale SA shares after a Paris court found he’d acted with the knowledge that the bank might be a takeover target.

Soros turned to the human rights tribunal after he lost his appeal to Cour de Cassation, France’s highest appeals court, which quashed the fine while upholding the conviction.

French stock market regulators didn’t pursue Soros, saying insider trading laws were too vague to determine whether he’d broken them.

“When the authorities in charge of the stock exchange consider officially that the law is not sufficiently clear, the citizen cannot be expected to have a better understanding of the law than the authorities,” Soffer said.

A spokeswoman for the Strasbourg, France-based Human Rights Court declined to comment on the admissibility notification.

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Billionaire investor George Soros won a bid to have the European Court of Human Rights review his French insider-trading conviction from 2002, one of his lawyers said. The court notified Soros it will rule on the complaint without a hearing, based on submissions by the...
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Thursday, 16 Sep 2010 08:52 AM
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