Fyffes has announced plans to appeal the High Court decision in its case against DCC from last year.
A statement from Fyffes’ board said it had decided to appeal Ms Justice Mary Laffoy’s decision after “detailed analysis of the judgement”. It added that notice of appeal would be served shortly
Fyffes had taken legal action after DCC sold Fyffes stock a month before a March 2000 profit warning, making a profit of €85m.
The fruit giant lost the action on the basis of Ms Justice Laffoy's finding that DCC chief executive Jim Flavin was not in possession of price sensitive information about Fyffes at the time of the share sales. She found, however, that Flavin had controlled the deals.
DCC said it viewed Fyffes' original decision to start proceedings with 'incredulity', and was even more surprised at its decision to lodge an appeal.
The marketing and business services company said it was confident there were no good grounds of appeal, adding that it would challenge the appeal 'vigorously and comprehensively'.
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