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Brief
On March 9, 2023, the Upper Tribunal upheld the FCA's decision that Craig Donaldson and David Arden breached the Listing Rules. The tribunal imposed fines on Mr. Donaldson (£167,325) and Mr. Arden (£100,950), citing their knowledge of a material error in Metro Bank's quarterly financial results, which led to a 39% drop in its share price when corrected.
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