Goldman Sachs investor James Mercer, in a lawsuit against former board member Rajat Gupta in which the bank is a “nominal plaintiff,” filed court papers opposing a motion by the defendant to dismiss the case, Bloomberg reports.
In the lawsuit, Mercer alleged Gupta disclosed confidential bank information to Galleon Group LLC co-founder Raj Rajaratnam, the hedge-fund manager who was later convicted of insider trading. Gupta has been charged by federal prosecutors in connection with the Rajaratnam probe.
“Gupta did not provide confidential information about the Goldman Sachs Group Inc. to Raj Rajaratnam without purpose,” Mercer said in the filing today in Manhattan federal court. “He did it for pecuniary gain.”
Read more at http://www.bloomberg.com/news/2011-12-07/rajat-gupta-lawsuit-dismissal-opposed-by-goldman-investor-1-.html
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