Ipiranga Sale Sparks Insider Trading Probe

Law360, New York (March 23, 2007, 12:00 AM EDT) -- A slew of unnamed investors and companies, including at least one U.S.-based investment firm, came under Brazilian regulatory scrutiny Thursday as part of an insider trading probe related to Monday’s buyout of Grupo Ipiranga, Brazil's second-largest fuel distributor and refiner.

Marcelo Trindade, chairman of the Brazilian Securities Commission, said Thursday that 24 individual investors and companies are being investigated but refused to name them, the Associated Press reported.

However, at least one of the firms under investigation is a Delaware-based company which garnered some $1.6 million...
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