Three walk free as FSA loses first case

THE Financial Services Authority (FSA) yesterday had its first loss in a criminal case for insider dealing

By The Newsroom

Published 3rd Jun 2010, 22:15 BST

Updated 3rd Jun 2010, 22:19 BST

The FSA had charged Andrew King, a finance director, and lawyers Michael McFall and Andrew Rimmington with eight counts of insider dealing during the 305 million takeover of biotech firm NeuTec Pharma by Novartis. Charges were dropped against Rimmington, and the jury dismissed the charges against McFall – a former partner at law firm McDermott Will & Emery – and King, the former finance chief at NeuTec.