Court to review Soros insider trading case
PARIS (Bloomberg) — Billionaire investor George Soros won a bid to have the European Court of Human Rights review his French insider-trading conviction from 2002, one of his lawyers said yesterday.
The court notified Soros it will rule on the complaint without a hearing, based on submissions by the parties, Ron Soffer, a Paris-based attorney, said in a telephone interview.
"We hope that the court will issue a final ruling in the same spirit and are certain that the conviction will be overturned as a result," said Soffer, who's working with London lawyer Anthony Lester, on the complaint. Soros, 80, was convicted of insider trading and ordered to repay 2.2 million euros ($2.9 million) he'd made from a 1988 purchase of Societe Generale SA shares after a Paris court found he'd acted with the knowledge that the bank might be a takeover target.
Soros turned to the human rights tribunal after he lost his appeal to Cour de Cassation, France's highest appeals court, which quashed the fine while upholding the conviction.