GLG loses Vivendi appeal

GLG Partners has lost an appeal against a €1.5m ($1.9m) fine by the French markets watchdog for insider trading in Vivendi shares, in a blow to the UK hedge fund group. The ruling came amid a French investigation of GLG’s trading in shares of Infogrames Entertainment, the software group. GLG’s problems in France – where it is still pursuing a separate appeal on the Vivendi fine to the Conseil d’Etat, the highest administrative court – continue more than three years after it beefed up compliance systems.