A former Goldman Sachs board member accused of insider trading who protested the choice of the Securities and Exchange Commission to pursue him in an administrative proceeding has the right to challenge the agency in federal court, Southern District Judge Jed S. Rakoff ruled Monday.
Rajat J. Gupta can proceed with his claim that the SEC violated his constitutional rights by selecting administrative proceedings instead of suing him civilly in the Southern District, as was the case with 28 other defendants in the Galleon hedge fund insider-trading probe and related cases.
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