Gupta Wins Green Light For Suit Against SEC

Law360, New York (July 11, 2011, 2:55 PM EDT) -- Rajat K. Gupta, an ex-Goldman Sachs Group Inc. director implicated in the Galleon Group LLC insider trading case, won permission Monday in New York to proceed with his suit challenging the constitutionality of the U.S. Securities and Exchange Commission’s administrative action against him.

U.S. District Judge Jed S. Rakoff issued a ruling in Manhattan federal court rejecting the SEC's bid to throw out Gupta's lawsuit against the agency, but narrowed it to the confines of the businessman's equal protection claims.

“A fear of abuse by litigants...
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