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Greenlight, Einhorn Fined £7M On Insider Trading Claims

Law360, New York (January 25, 2012, 10:43 PM EST) -- The U.K.'s Financial Services Authority on Wednesday fined Greenlight Capital Inc. and President David Einhorn £7.2 million ($11.2 million) for allegedly insider trading on information he received about British pub chain, Punch Taverns PLC.

The financial regulator said Einhorn used nonpublic information he received in a June 2009 telephone conference — in which a corporate broker acting on behalf of Punch said the chain was nearing a significant stock sale — to sell a large chunk of its shares in Punch before the fundraising was announced...
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