Tuesday, 27 January 2015
Last updated 3 hours ago
Apr 5 2010 | 9:51pm ET
The civil trial of Galleon Group founder Raj Rajaratnam has been pushed back until next year, giving enough time for both the criminal trial and the contentious and all-important issue of the wiretaps at the center of the case to run their course before the second trial begins.
U.S. District Judge Jed Rakoff, who had been reluctant to delay the civil trial despite the pleas of all sides involved in the case, adjourned the trial until Feb. 14, 2011. It was originally to begin on Aug. 2.
Rakoff in February ordered Rajaratnam and his co-defendant, former New Castle Partners executive Danielle Chiesi, to turn over some 18,000 wiretaps at the heart of the criminal case against them. But the defendants are challenging the legality of those taps, and an appeals court last month granted Rajaratnam’s request for a stay of Rakoff’s order. A hearing on that matter is set for June.
“Since, therefore, resolution of the wiretap issue cannot realistically be expected before July 2010, an Aug. 2 trial is no longer practical, and counsel for several of the defendants will thereafter be occupied in preparing for the criminal trial set for October 2010,” Rakoff ruled.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…