Back in 2011, now-imprisoned for-mer Goldman Sachs director Rajat Gupta got a rare break in his battle against Galleon Group-related insider trading charges.
Gupta had sued the U.S. Securities and Exchange Commission, accusing the agency of unfairly bringing an administrative case against him rather than litigating in court. U.S. District Judge Jed Rakoff refused to dismiss the case, finding that Gupta’s lawyers at Kramer, Levin, Naftalis & Frankel had plausibly alleged that Gupta’s equal protection rights were violated. The SEC dropped the administrative case.
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