Back in 2011, now-imprisoned former Goldman Sachs director Rajat Gupta got a rare (and short-lived) bit of good news in his battle against insider trading charges.
Gupta had filed a federal lawsuit in Manhattan against the U.S. Securities and Exchange Commission, accusing the agency of unfairly bringing an administrative case against him rather than suing him in court like other defendants implicated in the Galleon Group insider trading web. 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.
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