WESTPORT, Conn. Insider trading charges brought against Westport resident Rajat Gupta in March were dropped Thursday by the Securities and Exchange Commission, The New York Times reports .
This action was the result of a lawsuit Gupta filed against the SEC claiming that his rights were breached because the agency filed the case against him in an administrative forum, not federal court.
Gupta, a former director of Goldman Sachs and Procter & Gamble, was accused of providing Raj Rajaratnam, founder of Galleon Management, with confidential information about quarterly earnings at both firms and a $5 billion investment by Berkshire Hathaway in Goldman Sachs. Rajaratnam was found guilty of criminal charges in May.
Criminal charges have yet to be filed against Gupta, but the SEC plans to pursue its case in federal court, the Times reports.
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