Fyffes has begun a Supreme Court appeal against its failed insider dealing action against former shareholder DCC.

The High Court ruled in December 2005 that DCC had not breached the insider dealing provisions of the Companies Act when it sold off its 10 per cent stake in Fyffes for a profit of €85 million in February 2000. During the 87-day case, Fyffes had claimed that DCC, whose chief executive Jim Flavin was then a director of the company, was in possession of information that could, if released, cause its shares to fall.

Ms Justice Mary Laffoy said that the information held by Flavin could not be considered price sensitive and that there was a “fundamental incongruity” between Fyffes’ claim that these were price sensitive when it had issued a statement saying its expected 2000 to be a “year of further growth”.

She also said Flavin, despite his denial, had been centrally involved in selling off the Fyffes shares in February 2000.

The appeal to the Supreme Court Fyffes will claim that Ms Laffoy was incorrect in her judgement of the information in possession of Flavin.

The case is expected to last five days but it will be some time before a ruling is made.

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