Dorsey 'terminates' partner facing FSA charges

The Dorsey & Whitney partner facing charges of insider trading from the Financial Services Authority (FSA) has been removed from the US law firm's partnership.

A statement from Dorsey has been released saying that the firm is co-operating fully with any requests for information made by the FSA and confirming that the UK-based Andrew Rimmington has been removed from its partnership.

The statement describes Rimmington's position with the firm as "terminated" before adding that Dorsey has "no reason to believe that any other lawyer or staff members is implicated in these events".

Dorsey managing partner Marianne Short commented: "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."

The FSA is also bringing criminal proceedings for insider trading against Michael McFall, a former partner with McDermott Will & Emery, and the former financial director of Neutec Pharma, Peter King.

King will face a charge, along with McFall, of disclosing non-public information. King is being represented by Irwin Mitchell, with partner Sarah Wallace leading his defence team.

Rimmington is being represented by Barlow Lyde & Gilbert partner Ian Mason.

The criminal prosecution, which carries a maximum prison sentence of seven years, relates to Novartis's 2006 takeover of Neutec, according to court documents. Both Dorsey and McDermott confirmed that they did not provide any professional advice on the transaction.

The three men were ordered to appear before a London criminal court in June in connection with the charges. The listing office for Horseferry Road Magistrates Court confirmed that the three men are due to appear on 16 June.

More in-house news, comment and analysis

Sign up to receive In-house News Briefing, Legal Week's new digital newsletter