GLG Insider Trading Fine Affirmed In France

Mar 5 2009 | 2:12am ET

A French court has rejected hedge fund GLG Partners’ appeal of a fine for alleged insider trading.

The London-based hedge fund, which is listed on the New York Stock Exchange, said in a U.S. regulatory filing that its appeal was denied by the Court of Appeals in Paris. GLG was fined €1.5 million (US$1.9 million) by the Autorité des Marchés Financiers, the French markets regulator, for alleged insider trading of Vivendi shares.

GLG is still pursuing an appeal of the fine with the Conseil d’Etat, France’s highest administrative court.

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