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Rajat Gupta ordered to pay Goldman Sachs $6.2
mn
Tuesday February 26, 2013 09:17:48 AM,
IANS
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New York: Rajat Gupta,
the former Indian-American director of Goldman Sachs convicted of
insider trading, has been ordered to pay the bank more than $6.2
million for legal expenses connected to his case.
US District Judge Jed Rakoff, who presided over Gupta's criminal
trial for allegedly passing tips to convicted hedge fund manager
Raj Rajaratnam, gave the ruling Monday in response to a claim
filed by Goldman. Gupta, 64, who is free on bail while he is
appealing his May conviction by a jury, was sentenced by Rakoff to
two years in prison.
Goldman had sought $6.9 million in reimbursement from Gupta under
a law that allows corporations to get reimbursed as a victim of an
insider trading crime by a rogue employee.
"Goldman Sachs has proved by a preponderance of the evidence that
90 percent of its tendered expenses were both necessary and
incurred during its participating in the investigation and
prosecution," Rakoff ruled.
After reviewing the firm's 542 pages of billing records, he wrote
that Gupta raised no "colourable challenge to the veracity of the
records."
Rakoff cut the bill by 10 percent, he said, because he noted that
there were some extraneous entries.
Rajaratnam, convicted of insider trading in 2011, is serving an
11-year prison sentence.
Michael Duvally, a Goldman spokesman, said the bank was pleased
the court ordered Gupta to pay it restitution.
The money that Gupta now has to pay Goldman is separate from the
cost of Gupta's legal defence, which has thus far exceeded more
than $30 million, according to New York Times.
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