Madam, - There are two aspects of the Fyffes/DCC saga which I believe have not received sufficient scrutiny.
The first concerns the compensation that Fyffes is to receive as a result of the Supreme Court decision. While Fyffes is to be congratulated for bringing Jim Flavin to account for what must, on any commonsense view, be seen as a blatant case of insider trading, Fyffes was not the one to lose out as a result of DCC's selling its stake. Those who lost were the investors who bought the shares from DCC, only to see the price tumble when Fyffes issued its profits warning shortly afterwards. It is they who deserve compensation.
Second, how is it that the authorities in Dublin, which prides itself as a growing financial centre, should allow its reputation to be tarnished by leaving it to a company to prosecute for insider trading? This case should have been pushed through by the Irish Stock Exchange, and it is shameful that this did not happen. - Yours, etc,
SARA MacARTHUR, Portmarnock, Co Dublin.
Madam, - I join you in welcoming the decision of the Supreme Court in the Fyffes case (Editorial, July 28th). As someone who was once responsible for enforcing the listing rules in the London market, I appreciate the absence, until now, of judicial authority on the interpretation of the rules relating to price-sensitive information (now more properly called "inside information" following recent EU directives).
The judgment of the Supreme Court, and particularly that given by Ms Justice Denham, should be carefully studied by regulators and market practitioners on both sides of the Irish Sea. - Yours, etc,
KEN RUSHTON, Farley Green, Surrey, England.
Madam, - The reported legal fees in the Fyffes case totalling around €25 million need to be put into perspective.
This sum would build permanent homes for 100 homeless families. It would pay the salaries for five years of five major research teams advancing human knowledge. It would significantly improve computing and science equipment in all our second-level schools. It would improve the lives of thousands of people through healthcare, education and clean water supplies.
Instead this sum is to be paid to a handful of lawyers for one case, again illustrating the bloated and disproportionate scale of legal fees and the urgent need for reform. - Yours, etc,
SEAN McDONAGH, Bettyglen, Raheny, Dublin 5.