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Fyffes to decide on insider trading appeal within 14 days
Aine Coffey



FYFFES management will decide within a fortnight whether to appeal the finding of Judge Mary Laffoy that DCC chief executive Jim Flavin was not guilty of insider trading when DCC offloaded 106m worth of Fyffes shares in February 2000 through a Dutch subsidiary, Lotus Green.

Fyffes' legal team, led by senior counsel Paul Gallagher, is reviewing the 350-page judgment. From the date Laffoy's order is perfected, which could be as early as tomorrow when courts resume, Fyffes will have 21 days to appeal.

Laffoy found last month that Flavin was not in possession of price-sensitive information when the Fyffes shares were dealt, and the fact that Flavin did not possess price-sensitive information meant there was no unlawful dealing.

Laffoy said in her judgment that Flavin dealt in the shares "as an agent" of DCC, and that if the trading had been unlawful, "it would have been proper to treat the three corporate defendants, DCC, S&L and Lotus Green, as a single entity for the purposes of accounting for the profit accruing from dealing".

Her judgment came after the case brought last year by Fyffes against Flavin and DCC turned into an 87-day marathon that turned up embarrassing revelations for both sides.




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