FSA launches insider trading case against two lawyers

The Financial Services Authority (FSA) has brought charges of insider trading against two lawyers - including a current partner in the London office of Dorsey & Whitney - it has emerged.

The Dorsey lawyer is corporate partner Andrew Rimmington. His legal adviser at Barlow Lyde & Gilbert, partner Ian Mason, confirmed his client's involvement in the case. Prior to joining Barlows in 2006, Mason was head of the wholesale group in the FSA's enforcement division.

The FSA has also launched a claim against Michael McFall, a former partner with McDermott Will & Emery, and the former financial director of Neutec Pharma, Peter King.

King faces a charge of disclosing non-public information.

The criminal prosecution relates to Novartis's 2006 takeover of Neutec, according to court documents.

The 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.

McFall left McDermott in January 2009 after four years in the firm's UK corporate practice. Previously, he practised at Dorsey's London arm.

The charges are understood to be in connection with the 2006 takeover of Neutec by Novartis. However, spokespersons for Dorsey and McDermott said that neither law firm advised on the Neutec Pharma takeover.

The move marks a more aggressive stance from the FSA, which earlier this year secured its first successful insider trading prosecution against Christopher McQuoid, the former general counsel of TTP Communications.

The FSA refused to comment.

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