Raj Brother's Fate May Hang On 2nd Circ. Case, Judge Says
By Max Stendahl
Law360, New York (March 27, 2014, 3:49 PM EDT) -- The insider trading case of Rengan Rajaratnam, the brother of convicted Galleon Group founder Raj Rajaratnam, may hinge on a pending Second Circuit case over whether alleged "tippees" must know that tippers disclosed information in exchange for a personal benefit, a New York federal judge said Thursday.
U.S. District Judge Naomi Reice Buchwald said she would wait to rule on that question in Rengan’s case at least until the Second Circuit hears arguments in U.S. v. Newman on April 22. At issue is whether insider trading...