The Police & Fire Retirement System pension fund in Detroit is suing Cleveland Cavaliers governor Dan Gilbert and accusing him of insider trading for selling them $500 million in Rocket Companies stock in March that quickly devalued, per Sean McDonnell of Cleveland.com.
The pension fund is claiming that Gilbert knew the stock price of Rocket Companies would fall after the sale, allowing him to avoid $165 million in losses by selling when he did. On March 29, the shares sold for $24.75 apiece. By May 13, they had dropped to $16.