A €20 Million Inside-Trader Case Kept Alive as Privacy Bid Flops

A French investigation into two traders suspected of making €20 million ($21.6 million) from insider tips was kept alive by a Paris court as their long-running privacy bid collapsed.

The investigation — France’s biggest insider-dealing case — had been hanging on a thread ever since traders Alexis Kuperfis and Lucien Selce won a key European Union ruling that threatened to undermine the validity of crucial evidence.

But in a non-public judgment, the Paris court of appeals has decided not to throw out the evidence — which was used to tap the burner phone of an ex-Societe Generale SA ...