Ex-Deloitte Partner Liable For Insider Trades: Court

By Samuel Howard

Law360, New York (January 05, 2010, 6:27 PM ET) -- Deloitte LLP has made major headway in its insider trading lawsuit against a former partner, winning summary judgment on the issue of liability and leaving only the amount of damages for trial.

Vice Chancellor John Noble of the Delaware Chancery Court determined Dec. 29 that Thomas P. Flanagan clearly breached his fiduciary duties to Deloitte, violated the terms of his contract and committed fraud when furtively trading in the securities of the auditing firm’s clients, including Best Buy Co. Inc. and Motorola Corp.

The judge concluded...
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