Shady hedge fund managers need not fear facing the judge who sent Raj Rajaratnam to prison for 11 years.
U.S. District Judge Richard Holwell is leaving the bench to found a law firm with two of his former colleagues. Holwell last year presided over the Galleon Group founder's trial, ruling that the wiretaps at the center of the case were admissible and, following Rajaratnam's conviction, sentencing the former billionaire to more than a decade in prison.
Holwell will work alongside lawyer Michael Shuster and Daniel Goldberg—the three were partners at law firm White & Case before Holwell was appointed a federal judge by President George W. Bush in 2003. Shuster and Goldberg have since moved on to law firm Kasowitz Benson Torres & Friedman.
"Serving as a federal judge was the honor of a lifetime," Holwell said. "But it's time for me to stretch my legs and return to my roots as an advocate."
The new Holwell Shuster & Goldberg firm opened its doors today in New York. The firm will specialize in litigation.
"Only the most exceptional opportunity would have compelled me to leave the bench," Holwell said. "To create a firm with Mike and Dan, two litigators at the very top of their craft, is just such an opportunity."