The SEC has dismissed their insider trading lawsuit against Rajat Gupta, according to Bloomberg. Instead, the SEC will sue him in a NY Federal Court. Gupta said that the SEC case had violated his rights.
Now they've both mutually agreed to drop the lawsuits. For the moment, it looks like Gupta won a major victory, which is a total shocker. It seemed as though the evidence against him was significant.
It seems Gupta got the case dropped by mounting a counter-lawsuit against the SEC. After the SEC sued him, Gupta sued back. Gupta sued over the SEC's suing him in an administrative proceeding, thus denying him the right to a jury trial, according to Retuers.
Read more: http://www.businessinsider.com/sec-dismisses-insider-trading-case-against-rajat-gupta-2011-8#ixzz1U8OPFSBQ
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