FSA Targets Other Punch Parties

It is understood that the Financial Services Authority may be planning to fine Andrew Osborne, the Bank of America Merrills corporate broker involved in the call with David Einhorn.

Mr. Einhorn and his hedge fund business, Greenlight, have already been fined in connection with market abuse relating to sales of Punch stock following this call.

The FSA is working on the basis that Mr. Osborne disclosed inside information about an equity restructuring in spite of the fact that he was asked not make Mr. Einhorn an insider.

The FSA is also examining whether a bank that processed the share sales on behalf of Greenlight should have filed a suspicious transaction report.