Bankers Cleared After Seeing Tips Pop Up on Phone of Train Passenger
- Alexandre Zaluski did nothing wrong, French regulators say
- Another banker, UBS are also cleared in market-abuse case
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UBS Group AG and two bankers were cleared by French enforcers after facing accusations of inappropriately obtaining a tip about a secret $15 billion Iliad SA takeover plan and then approaching the French carrier to offer financing.
At the heart of the case is a Eurostar trip between London and Paris five years ago where a former UBS investment banker Alexandre Zaluski caught glimpses of messages that popped up on his neighbor’s mobile phones. A Lazard Ltd. dealmaker on the train was working on an attempt by Iliad to take over T-Mobile US Inc., and was unknowingly also providing Zaluski a window into the deal.