The long-running Fyffes’ insider dealing case has come to a conclusion, but the judge has reserved judgement until a later date.
Banana giant Fyffes brought the case against DCC and its chief executive Jim Flavin alleging insider dealing over the €106 million sale of its stake in the fruit company.
While the case, in Dublin’s High Court, ended this year, Ms Justice Mary Laffoy has reserved judgement. While no indication has been given of when a decision will be made, the industry is anticipating a judgement later in the year.
The case opened late last year and ran for 87 days, hearing evidence from senior executives and directors of both firms and experts on a range of issues, including financial markets.
The evidence concluded last month and legal submissions were then delivered, concluding with the closing reply yesterday from Paul Gallagher SC, for Fyffes.
The case arose as the result of the sales, over three days in February 2000, of the DCC stake in Fyffes. The court has been told the sales yielded €85m profit for DCC. The action was brought against DCC plc, its chief executive, Jim Flavin and two DCC subsidiaries S&L Investments Ltd and Lotus Green Ltd.
The defendants denied insider dealing and pleaded the sales were properly organised by Lotus, a Dutch-registered subsidiary.
