Ex-Goldman Director Sued By Investor Over Raj Tips

Law360, New York (June 6, 2011, 9:17 PM EDT) -- Former Goldman Sachs Group Inc. director Rajat Gupta was sued by a shareholder in New York on Monday seeking to recover profits based on tips Gupta provided to convicted Galleon Group LLC co-founder Raj Rajaratnam.

James Mercer of Kirkland, Wash., is seeking profits from "short-swing" trades of Goldman Sachs securities — trades made within a six-month period — that Rajaratnam made off Gupta's tips, according to the complaint.

Rajaratnam was convicted in May on 14 counts of insider trading, with prosecutors using secretly recorded conversations that...
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