Sweden’s Supreme Court rejects appeals in ICA insider trading case

Sweden’s Supreme Court has refused to hear appeals from 13 individuals convicted in the so-called ICA scandal, upholding the lower court’s ruling in what has been called the country’s largest insider trading case, SVT Nyheter reports.

The case centers on allegations that ICA retailers and associates traded shares based on non-public information ahead of the supermarket chain’s 2013 stock market listing. A Stockholm district court initially convicted 16 of the 18 defendants in late 2023. After appeals, the Svea Court of Appeal retried 17 of the cases last year, ultimately upholding convictions for 13 individuals in June 2025.

Those sentenced to prison now face potential expulsion from ICA’s responsibility board, which had delayed its decision pending the Supreme Court’s review.