Boussard & Gavaudan Faces Insider-Trading Charges

Jul 26 2010 | 12:28pm ET

French regulators have accused Boussard & Gavaudan Gestion of insider-trading, the hedge fund said today.

The London- and Paris-based firm said in a London Stock Exchange Settlement that the Autorité des Marchés Financiers has turned the “alleged breach by BGG of French insider-trading regulations” over to its enforcement arm. The hedge fund denied the allegations and promised to fight them, saying it “believes that its conducts has been and remains in conformity with market regulations.”

It is Boussard’s second run-in with the French regulator in as many years. Last February, the firm was fined for missing a three-day delivery deadline on shorted shares.

In this case, the firm said the alleged transgression involves a single, €1.06 million transaction.

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