Top Europe court examine Soros insider trading case

15th September 2010, Comments 0 comments

Europe's top rights court decided on Wednesday to further examine some elements of a case brought by US billionaire George Soros regarding a conviction by a French court for insider trading.

The decision by the European Court of Human Rights (ECHR) was made as part of a procedural phase in which the court decides whether or not cases should be pursued.

The ruling rested on "unforeseeability" in French law regulating insider trading at the time, and discrepancies between European and French law.

Other complaints brought by Soros in the case were declared inadmissable and would not be the subject of further examination.

The financier was convicted by a Paris court in 2002 over a share deal involving French bank Societe Generale going back to 1988. He was fined 2.2 million euros (2.3 million dollars at the time) for insider trading.

He brought the case to the European Court of Human Rights (ECHR) in 2006 in a bid to clear his name.

Soros has said his conviction was based on unreliable testimony, that he was presumed to be guilty, didn't receive a fair hearing and that the law he was convicted under was so vague that violations would be impossible to determine.

© 2010 AFP

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