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Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. Unifund SAL
Facts
An action was brought against Unifund SAL (Unifund) and Tamanaco Saudi & Gulf Investment Group (Tamanaco) by the SEC for purported insider trading in Rorer Group, Inc. (Rorer), a U.S. pharmaceutical company, stock. Secret merger phone discussions were conducted by Rorer and Rhone-Poulenc, Inc. Large number of shares was bought by both Unifund and Tamanacoof Rorer stock prior to the discussions being announced publically, shares that became considerably more valuable post announcement. An action was initiated by the SEC against the two firms for purported insider trading in violation of § 10(b) of the Securities Exchange Act. Civil procedure and injunctive relief were sought. The SEC speculated about potential sources but was never able to provide the source of the firms' purported inside information. The district court issued a preliminary injunction preventing Unifund and Tamanaco from violating § 10(b) in the future and freezing ample assets to handle any potential civil penalties. Unifund and Tamanaco appealed.
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