A Goldman Sachs Group Inc shareholder has failed to persuade an appeals court that former director Rajat Gupta should be forced to repay the bank for quick trading profits realized by hedge fund manager Raj Rajaratnam even though the former friends were involved in insider trading.
The 2nd U.S. Circuit Court of Appeals in New York rejected arguments by investor James Mercer that Gupta qualified as a “beneficial owner” of Goldman shares.
via U.S. court says Gupta not liable to Goldman for Rajaratnam tips — Reuters
