Rajat Gupta ,ex-director of Goldman Sachs and who ran McKinsey and Company for nearly 10 years has been accused of "tipping " Raj Rajaratnam about Goldman Sachs' earnings and Warren Buffet's $5 billion investment in the company.
The S.E.C. had brought a civil action under the Dodd-Frank Act in an expedited "special administrative proceeding". In Gupta's filing in Federal District Court he contends that he is entitled to a full-blown Court proceeding with discovery and ultimately a trial by jury. The lawsuit seeks to enjoin the S.E.C. from pursuing it's administrative proceeding against Mr. Gupta . Hey, more time, more discovery...lawyers "fighting the good fight"!
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