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Gupta didn’t profit from Rajaratnam tips, lawyer says

Goldman shareholder seeks to recover Gupta’s alleged insider trading profits

According to Rajat Gupta’s lawyer, there is “no evidence of any profit-sharing arrangements whatsoever” between his client and Raj Rajaratnam, both of whom are currently behind bars for insider trading.

Gary Naftalis, Gupta’s lawyer, made this claim yesterday during oral arguments in an appeals court case that Goldman Sachs Group Inc. shareholder James Mercer brought to recover Gupta’s alleged insider trading profits. U.S. District Court Judge Jed Rakoff dismissed Mercer’s suit in July 2012, saying Mercer failed to “plausibly allege that Gupta himself realized disgorgable profits” from tipping Rajaratnam.

Ashley Post

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