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Signal
(FORTUNE Magazine) – A federal judge dismissed a suit filed by the FMC Corp. charging that Ivan Boesky and three other traders had cost the Chicago-based company more than $225 million because of insider trading. The judge said that since the extra money went to the shareholders, no harm was done. Also named in the suit were investment firms Goldman Sachs, Drexel Burnham Lambert, and Shearson Lehman Brothers. FMC is appealing. The day after the FMC case was thrown out, Unocal went ahead with a $2.5-billion suit against Goldman Sachs, Kidder Peabody, and four traders, including Martin Siegel, for their alleged role in leaking information about the energy company's defense against a 1985 takeover attempt by T. Boone Pickens Jr. |
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