An attorney with a firm used by GAF was arrested.

Michael W. David, 28, an associate at the firm of Paul, Weiss, Rifkind, Wharton & Garrison, was arrested and charged by federal authorities with passing inside information about GAF Corp.’s recent takeover bid for Union Carbide to a local stockbroker. At the same time, the SEC took the unusual step of disclosing that David’s arrest stemmed from an ongoing investigation of the misuse of inside information by brokers and arbitrageurs. David was charged with passing information to Andrew Solomon, an employee of Marcus, Schloss & Co., a New York arbitrage firm.