Sunday, 22nd November 2009

 

27 October 2009 - Press Briefing

Judge Rakoff gives SEC five months to file civil charges in Galleon case

US District Judge Jed S. Rakoff on Monday asked the Securities and Exchange Commission to prepare for the civil insider-trading trial in the burgeoning Galleon Group case by next April 2010, "absent extraordinary circumstances", according to a report in The Wall Street Journal.

The surprise ruling could force Washington to present proof against Galleon founder Raj Rajaratnam and other co-accused, including executives at companies including IBM and Intel, in the case ahead of a separate criminal trial in the matter. The SEC is now likely to withdraw its case and refile it following the conclusion of government's criminal case.

Tags: Legal

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Brummel

Relocation, relocation, relocation

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