Saturday, March 19, 2011

Rajat Gupta goes aggressive

Rajat Gupta who has been charged by SEC for insider-trading has now filed a case against SEC . His main contention is:
1) SEC seeks administrative trial against him rather than court trial thereby trying to accelerate proceedings and denying him the rights which defendants in a court case are entitled to and 2) SEC is seeking retro-active application of a law called the Dodd-Frank. He alleges discrimination and arbitrariness on the part of SEC. The counter-attack is interesting and is obviously argued by eminent lawyers.

http://dealbook.nytimes.com/2011/03/18/ex-goldman-director-sues-s-e-c-over-galleon-allegations/?ref=business

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