Facing a June 17 trial date on claims that he engaged in insider trading alongside his older brother Raj Rajaratnam, Rengam Rajaratnam may have caught a minor break on Friday with a ruling that could help narrow the indictment against him.
In a 19-page decision, U.S. District Judge Naomi Reice Buchwald ruled that two of the seven counts in the indictment are “internally inconsistent.” Buchwald declined to dismiss the inconsistent counts for the time being, giving federal prosecutors a May 1 deadline to offer a “coherent, logical theory” for why the claims should stay in the case.
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