Fruit importer Fyffes has today (18 June) relaunched its legal battle against a former shareholder over alleged insider trading.
The Irish company has taken its case to the country’s Supreme Court following a 2005 ruling that the former shareholder, sales and marketing firm DCC, had not breached laws on insider dealing when it sold a stake in Fyffes in 2000.
Fyffes had claimed that DCC chief executive Jim Flavin, who was then a director of the company, possessed price-sensitive information when DCC sold its stake. Fyffes argued that if the information had been released, its share price would have fallen.
However, a High Court ruling in December 2005 said the confidential information was not price-sensitive and therefore the disposal of the DCC stake could not be constituted as insider dealing.
A Fyffes spokesman confirmed that the appeal was being heard today but declined to comment further on legal grounds.