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Monday, February 25, 2013

Gupta Ordered to Pay $6.2M in Legal Fees

Westporter Rajat Gupta, free on $10 million bond while he fights his criminal insider-trading conviction, today was ordered by a federal judge to reimburse $6.22 million to his former employer to cover its legal expenses related to the case. WestportNow.com Image
Rajat Gupta: must reimburse Goldman Sachs. File photo

U.S. District Jed Rakoff, who presided over Gupta’s criminal trial, said Goldman Sachs Group, where Gupta had been a director, “proved by a preponderance of the evidence that 90 percent of its tendered expenses were both necessary and incurred during its participating in the investigation and prosecution.”

Gupta, 64, is appealing his June 15, 2012 conviction and two-year prison term for feeding confidential information he had learned at Goldman board meetings to Raj Rajaratnam, the Galleon Group hedge fund manager and former billionaire.

The judge said he reviewed the more than 542 pages of billing records from Sullivan & Cromwell LLP, which represented the firm during the investigation of both Gupta and Rajaratnam.

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