Tuesday, 3 March 2015
Last updated 1 hour ago
Feb 10 2011 | 12:23pm ET
Galleon Group founder Raj Rajaratnam's trial on insider-trading charges has been delayed by a week.
U.S. District Judge Richard Holwell, who is presiding over the case, issued an order setting a new start day of March 8. The trial had been set to begin on Feb. 28.
It is unclear why Holwell chose to delay the trial; he did not offer a reason. But this week, lawyers for both sides and some witnesses have been coming to the Manhattan courthouse to work on pretrial matters. Reuters reports that attorney scheduling was the reason for the move.
Among those matters is an outstanding subpoena issued by Rajaratnam's legal team to consulting giant McKinsey & Co. The two sides yesterday said they had reached an agreement on most matters, while Holwell sided with McKinsey on some of Rajaratnam's document requests.
McKinsey had been fighting the subpoena, saying it sought "troves of irrelevant, unspecific and inadmissible documents." Rajaratnam's team shot back that the case has McKinsey "written all over it;" one of the 19 people to plead guilty in the case is a former senior director at the firm, and a former head of McKinsey, Rajat Gupta, is alleged to have passed confidential tips to Rajaratnam, although he himself has not been charged.
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…