(Refiling to fix Global Industries headquarters in 5th
* SEC says trades made before Technip takeover
* SEC: No public news ahead of Global Industries takeover
NEW YORK, Sept 19 The U.S. Securities and
Exchange Commission filed an insider trading lawsuit in
connection with the recent purchase of U.S. underwater oil
services company Global Industries Ltd (GLBL.O) by France's
Technip SA TECF.PA.
According to the complaint, the unnamed defendants bought
Global Industries shares on the two trading days immediately
before Technip on Sept. 12 said it would buy the company for $8
per share, a 55 percent premium. [ID:nL5E7KC0BG]
The defendants realized $1.73 million of illegal profit by
then selling their shares, according to the complaint.
The SEC said the purchases were made through an account in
the name of Austria's Raiffeisen Bank International AG
(RBIV.VI) held at broker-dealer Brown Brothers Harriman & Co.
It said the purchases accounted for about 10 percent of
daily trading volume in Global Industries, though there was no
major publicly available news about the Carlyss,
This "suggests that the information was obtained as a
result of breaches of fiduciary duty," the SEC said.
The complaint seeks to force the defendants to give up
their illegal profit and pay civil fines. It was filed late
Friday in U.S. District Court in Manhattan.
Raiffeisen Bank and Brown Brothers Harriman did not
immediately respond to requests for comment.
The case is SEC v. One or More Unknown Purchasers of
Securities of Global Industries Ltd, U.S. District Court,
Southern District of New York, No. 11-06500.
(Reporting by Jonathan Stempel; editing by John Wallace)