Thursday, 2 July 2015
Last updated 15 hours ago
Feb 26 2013 | 2:27pm ET
Facing two years in prison, former McKinsey & Co. chief Rajat Gupta now also faces a big legal bill: Goldman Sachs'.
A federal judge this week ordered Gupta to pay the bank $6.2 million, reimbursing it for its most of its legal expenses related to his insider-trading case. Gupta was a board member at Goldman and was convicted of passing confidential information about the bank to Galleon Group founder Raj Rajaratnam.
Goldman had sought almost $6.9 million. U.S. District Judge Jed Rakoff, who sentenced Gupta to two years in jail, shaved off some of that total when "the number of attorneys staffed on a task… exceeded what was reasonably necessary." But he said that Gupta offered no "colorable challenges" to their "veracity."
Gupta remains free on bail while he appeals his conviction.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…