Gupta Challenges $14M Insider Trading Fine In 2nd Circ.

Law360, New York (November 5, 2013, 3:46 PM EST) -- Former Goldman Sachs Group Inc. director Rajat Gupta on Monday asked the Second Circuit to overturn a $13.9 million civil judgment in the U.S. Securities and Exchange Commission’s insider trading case, arguing the penalty was excessive in light of an earlier $5 million criminal fine.

Gupta's attorneys at Kramer Levin Naftalis & Frankel LLP and WilmerHale also criticized orders barring Gupta from the securities industry and from again serving as an officer or director of a public company, saying they "serve only to punish and stigmatize...
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