AMF France v. Elliott Advisors (UK) Ltd and Elliott Management Corporation (insider dealing, 2014)

Judgment entered

✓ Checked against the primary document on October 5, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the French decision; an independent second reading of 60 of the AMF records agreed on every field for 54 and on the core fields for 59. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (amf-fr-san-2014-03-insider-trading-2014) by email

On 25 April 2014 the Commission des sanctions found that the Elliott fund managers bought APRR shares in May and June 2010 while holding inside information about talks to sell the funds' block back to Eiffarie, the majority owner. It fined Elliott Advisors (UK) and Elliott Management EUR 8 million each, EUR 16 million in total.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

€16m

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in EUR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The first section of the Commission des sanctions of the Autorité des marchés financiers (AMF) decided the case on 25 April 2014. The respondents are Elliott Advisors (UK) Ltd, which acted as sub-adviser trading the positions, and Elliott Management Corporation, which managed the Elliott funds.

After Eiffarie, a vehicle of Eiffage and Macquarie, took 81.48 per cent of the motorway operator APRR in 2006, the Elliott funds built a blocking stake from June 2006, expecting to sell it at a profit to Eiffarie, which needed 95 per cent to squeeze out the minority. Talks over a sale of the stake to Eiffarie began as early as 2008. The notifications of grievances alleged that Elliott Advisors passed to Elliott Management inside information about the negotiations and that both firms used it by acquiring APRR shares between 28 May and 11 June 2010.

The Commission found the insider-dealing breach made out against both. It found that the funds' purchases of those weeks produced a gain of EUR 2,759,992 for the funds, and that they also reduced the hedge on the stake from 7 June 2010. The gain could not be multiplied to set the maximum, since the firms were not its economic beneficiaries, but it was a gauge of gravity.

It fined each of Elliott Advisors and Elliott Management EUR 8 million, EUR 16 million in total, and ordered publication, stressing that professionals had seriously harmed market integrity.

This record does not show whether the decision was appealed or whether the amounts changed. The earlier tag of wash trading was a keyword guess and is not supported.

This library tags the matter as insider trading. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the decision.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2014-04-25 Commission des sanctions decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• AMF decision page
• Decision (PDF, French)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 5, 2026. submit a correction.