01/29/2008
Societe Generale said Tuesday that an American investor who sold euro140 million (US$206 million) worth of the French bank's shares earlier this month had no "inside information" about suspicious trades that later cost the bank billions.
Societe Generale is fending off mounting questions about how it handled what it called massive fraud blamed on a single young futures trader.
A lawyer for a group of small shareholders filed a complaint into possible insider trading Monday after France's market regulator published routine stock sale declarations by board member Robert Day, an investment manager with U.S.-based Trust Company of the West, or TCW.
French regulators reported that Day and his family's trusts and charitable foundations sold shares in Societe Generale on Jan. 9, Jan. 10 and Jan. 18.
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