Iliad Exec's Insider-Trading Fine Upheld by French Top Court [Business News Network (BNN) (Canada)]
T-Mobile US, Inc. (TMUS)
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Source: Business News Network
The Cour de Cassation dismissed on Wednesday Lombardini's challenge against the 800,000-euro ($895,000) fine he got last year, after the Paris court of appeal decided the 600,000-euro penalty he'd initially got wasn't dissuasive enough. The top judges -- in charge of verifying whether French law was correctly interpreted -- said in their ruling that it's the lower court's prerogative to determine the proportionality of the fine, not theirs. A lawyer for Lombardini didn't immediately respond to a request for comment. The Iliad executive has previously denied any wrongdoing and disputed the characterization of his knowledge as insider information. He said the T-Mobile US bid had “very slim” chances of success. The Lombardini case was part of a wider probe that included scrutiny of how the takeover bid was also inadvertently leaked during a Eurostar trip from London to Paris. During the journey, a UBS Group AG banker caught a few glimpses of messages that popped up on the phone of
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- 3/19/24 - Form 4
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