Rajaratnam Wins Stay On DOJ Wiretap Evidence

Law360, New York (March 24, 2010, 6:51 PM EDT) -- A federal appeals court ruled Wednesday that Galleon Group founder Raj Rajaratnam and a co-defendant can hold off on turning over wiretap evidence to securities regulators while their appeal is pending.

The U.S. Court of Appeals for the Second Circuit imposed a stay that will block the U.S. Securities and Exchange Commission from getting access to 18,000 recordings while Rajaratnam and former New Castle Funds LLC trader Danielle Chiesi appeal a lower court order.

Judge Jed Rakoff of the U.S. District Court for the Southern District...
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