Insider Trading Charged in Pillsbury Deal: The...

Insider Trading Charged in Pillsbury Deal: The Securities and Exchange Commission sued a Minneapolis lawyer, alleging that he traded on inside information on Grand Metropolitan PLC’s takeover of Pillsbury Co. and made about $4.36 million in illegal profits. The complaint was filed in U.S. District Court in Minnesota. It named James O’Hagan, 53, a lawyer who formerly worked for the firm Dorsey & Whitney, which helped represent Grand Metropolitan in the takeover battle. After bitterly resisting the takeover bid, Pillsbury agreed to be bought by the British food and drink conglomerate in December, 1988, for $5.7 billion.