Hastings International and Comparative Law Review


Jeremiah Burke


In Fyffes v. DCC, the Irish High Court ruled that James Flavin, a non-executive director of the banana distributer, Fyffes PLC, did not engage in insider trading. The case is Ireland's most significant ruling on insider trading because it clarifies the test, under Irish law, for determining whether information available to an insider is price-sensitive. A comparison of Irish and American securities law reveals that an American court may have viewed Flavin's dealings as insider trading because American courts focus on whether non-public information is material. While Fyffes was not a sympathetic plaintiff, the Irish statutory focus on price-sensitive information means that an Irish plaintiff alleging insider trading faces a heavier burden of proof than an American plaintiff.