NEW YORK (HedgeWorld.com)–Hedge fund manager George Soros is among the four men scheduled to go on trial this Thursday for insider trading in Soci?t? G?n?rale stock that occurred about 14 years ago. The charges are related to an unsuccessful takeover attempt that drove up the bank’s shares.
“Soros is cooperating with the authorities and is fully confident that he will be vindicated when the proceedings conclude,” said a spokesman for the billionaire.
Besides Mr. Soros, the defendants are Jean-Pierre Peyraud, Jean-Charles Naori, and Samir Traboulsi, all financial highfliers in France. The case is more about them than it is about Mr. Soros, sources said. The four are accused of buying the shares on the basis of confidential information that Marceau, an investment bank, intended to bid for Soci?t? G?n?rale in 1988.