SEC, Gupta Drop Cases Against One Another

Aug 5 2011 | 1:13pm ET

The Securities and Exchange Commission and former McKinsey & Co. chief Rajat Gupta have agreed to something of a ceasefire.

The regulator has agreed to drop the administrative proceedings it brought against Gupta for insider-trading—Gupta allegedly served as one of Galleon Group founder Raj Rajaratnam's sources of confidential tips—and, in exchange, Gupta has agreed to drop his lawsuit against the SEC seeking to force it to sue him, rather than bring him before an administrative law judge.


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