Washington, Aug 4 (ANI): The US Securities and Exchange Commission has dropped its administrative proceedings against former Indian American Goldman Sachs director Rajat K. Gupta.
Gupta was accused of sharing the company's inside information with hedge fund trader Raj Rajaratnam.
He had sued the agency, arguing that it violated his rights by filing the case in an administrative forum instead of in federal court, where he would have greater legal protections and the right to a trial by jury.
Gupta won a procedural round in July when a federal judge ruled that he could proceed with the lawsuit against the SEC.
But under the recently disclosed pact, the SEC reserved the right to file insider-trading charges against him in federal court, the Washington Post reports.
SEC spokesman John Nester said that the its staff 'is fully committed to the case and will proceed as appropriate.'
Meanwhile, Gary P. Naftalis, a lawyer for Gupta, declared victory in Gupta's lawsuit against the SEC.
He also emphasized that the SEC's allegations against Gupta 'are totally baseless and cannot withstand scrutiny.' (ANI)
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