The record 523 million yuan ($85 million) fine may seem big, but Everbright Securities Co's troubles are far from over.

The company is facing claims estimated at 2.7 billion yuan by investors alleged to have been misled by the company's deliberate withholding of information about its 7.2 billion yuan trading mistake.

But lawyers said potential claimants may need more information from the China Securities Regulatory Commission investigation to pin Everbright down.

According to the Securities Law of China, the principal should shoulder responsibility if insider trading incurs any losses. But Liu Mingjun, director of the capital market department of Beijing Celue Law Firm, told Xinhua News Agency that there is a lack of detailed interpretation and regulations in the Securities Law.

In the United States, investors who can prove they suffered a loss as a result of insider trading would bring a civil claim against the broker responsible for it, said Gene Buttrill, capital markets practice partner at the global law firm Jones Day.

So far, the commission has only handed down the penalty with a note saying that investors who felt cheated can seek redress through litigation. It has not disclosed details of its investigation that showed how Everbright stonewalled the stock exchange on Aug 16, allowing itself time to engage in insider trading to cover its potential losses.

Following Everbright's former president Xu Haoming's resignation on Aug 22, Yang Chizhong, assistant executive, and Mei Jian, secretary of the board of directors, resigned on Saturday. Xu and Yang, together with Shen Shiguang, general manager of the accounting department, and Yang Jianbo, general manager of the strategic department, were fined by the commission and banned from any work involving the stock exchange.

Buttrill of Jones Day said insider trading cases in the US carry both criminal and civil penalties. "For serious cases, jail sentences are often appropriate," he added.