SEC Delays Ex-Goldman Director's Insider Trading Case

Law360, New York (June 29, 2011, 9:09 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday said it has delayed a civil administrative action against a former Goldman Sachs Group Inc. director accused of passing along insider trading tips to convicted hedge fund manager Raj Rajaratnam.

The civil action against ex-Goldman board member Rajat Gupta, part of the government's sprawling insider trading case against Rajaratnam, has been postponed indefinitely, according to a note posted on the SEC's website.

The SEC issued a cease-and-desist order against Gupta in March, accusing him of sending Rajaratnam important...
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