Trinity Mirror will not dismiss Piers Morgan, editor of its flagship title, the Daily Mirror, even if Mr Morgan is admonished by the Press Complaints Commission (PCC), the industry regulator, this week.
The PCC is expected to rule on Wednesday that Mr Morgan, the Mirror's former City editor, Anil Bhoyrul, and other executives from the paper breached the regulator's guidelines by trading in shares which Mr Bhoyrul had tipped in the newspaper.
Most critically, Mr Morgan bought shares in Viglen, the computer group, on the same day as the stock was given a strong push by Mr Bhoyrul.
After an inquiry into the matter by the company and its lawyers, Lovells, Trinity Mirror dismissed Mr Bhoyrul and his deputy, James Hipwell, but left Mr Morgan in place. It also brought in strict rules barring senior editors and financial journalists from buying and selling shares in any company but Trinity Mirror.
Now the group's chairman, Sir Victor Blank, has decided to draw a line under the affair.
Unless the PCC reveals that Mr Morgan has failed to disclose similar dealings in shares, or that he was aware of the Viglen story before he bought the company's shares (something he has always denied), he will retain his post.
Mr Morgan has been the most successful editor of the Daily Mirror in a decade, reversing a 30-year-long decline in circulation.
The decision not to fire Mr Morgan is expected to anger Mr Bhoyrul further, who has said he is ready to sue Trinity Mirror for unfair dismissal.
Mr Bhoyrul and Mr Hipwell, labelled the "City Slickers", now write a column for Punch, the satirical magazine.Reuse content