OTHER NEWS - March 3, 1992
From Times Staff and Wire Reports
Pair Sued for Alleged Insider Trading: The Securities and Exchange Commission sued two former Great Atlantic & Pacific Tea Co. Inc. managers for allegedly trading on inside information about the company’s planned takeovers of two supermarket chains in 1986. The suit, filed in Manhattan federal court, names Robert Toomey of Glen Ridge, N.J., who was vice president of the Michigan group of A&P;, and William Merrigan of Pittstown, N.J., who reported to Toomey between 1983 and 1986. Simultaneously, the SEC announced a settlement with Merrigan, who agreed to pay $147,565 to cover illegal profits, interest and a fine. Merrigan neither admitted nor denied guilt. The SEC said it has not reached a settlement with Toomey.
