Raj Verdict Deals A Blow To Mosaic Defense

Law360, New York (May 11, 2011, 11:27 AM EDT) -- The jury's conviction of Galleon Group LLC founder Raj Rajaratnam for insider trading is a setback for the so-called mosaic theory, a popular defense in which traders typically allege that they formed opinions by analyzing a conglomeration of mostly public data, attorneys say.

During the seven-week trial, lawyers for the Galleon Group LLC founder alleged that rigorous research formed the basis for the hedge fund firm's trading decisions, pointing to analyst reports and news articles as evidence that information was available to Rajaratnam well before purported...
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