Bloomberg reports that ex-Goldman Sachs director Rajat Gupta was sued by a shareholder to recover “short-swing” profit on trades allegedly based on inside tips from Gupta that were made by Galleon Group LLC co-founder Raj Rajaratnam.
Investor James Mercer, in a complaint filed today in federal court in Manhattan, seeks to recover profit Galleon made from trading Goldman shares within a six-month period based on information from Gupta.
“Mr. Gupta was beneficial owner of these securities because he had a pecuniary interest in the profits generated by this trading activity,” Mercer, a resident of Kirkland, Washington, said in the complaint. “Mr. Rajaratnam undoubtedly paid Mr. Gupta for the Goldman Sachs inside information on which these trades were made….”
Don't stop now. Read more at: http://www.bloomberg.com/news/2011-06-06/gupta-sued-by-goldman-sachs-shareholder-for-short-swing-profit.html?cmpid=yhoo
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