2nd Circ. Bars SEC Access To Galleon Wiretaps

Law360, New York (September 29, 2010, 1:32 PM EDT) -- A federal appeals court on Wednesday blocked the U.S. Securities and Exchange Commission's attempt to obtain access to thousands of wiretapped conversations in its insider trading case against Galleon Group founder Raj Rajaratnam.

Finding that the district court had “clearly exceeded its discretion” in ordering disclosure of the conversations secretly recorded by federal prosecutors prior to any ruling on the legality of the wiretaps, the U.S. Court of Appeals for the Second Circuit granted a request by Rajaratnam and co-defendant Danielle Chiesi for a writ of...
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