Thom Lambert headshot

Wall Chair in Corporate Law and Governance
University of Missouri Law School

Thomas A. Lambert is the Wall Chair in Corporate Law and Governance and Professor of Law. Professor Lambert’s scholarship focuses on antitrust, corporate and regulatory matters.

Financial Regulation

Corporate Governance Financial Regulation Securities Regulation

TOTM

A Bizarre Insider Trading Case from Down Under

Today’s W$J reports on an odd lawsuit the Australian government is pursuing against Citigroup. According to the Australian Securities and Investments Commission, a smoke break conversation between Citigroup employees resulted in illegal insider trading. Citigroup, it seems, was representing bidder Toll Holdings, Inc. in a yet-to-be-announced hostile bid for Patrick Corp., Austrialia’s largest port cargo handler. Someone from Citigroup’s investment banking operation allegedly shared information about the deal with one of Citigroup’s proprietary traders (i.e., someone who trades securities for Citigroup’s own account). The trading that followed, Australian regulators say, violated the law.

Read the full piece here