Wednesday, 25 May 2016
Last updated 1 hour ago
Jul 18 2014 | 11:12am ET
Following Rengan Rajaratnam’s acquittal on insider-trading charges earlier this month, the Securities and Exchange Commission is not eager to follow in prosecutors’ footsteps up the courtroom steps—and Rajaratnam himself isn’t especially eager for a reprise engagement.
Both sides have asked a federal judge for an extra two months’ delay in the civil case, brought alongside the criminal case against Galleon Group founder Raj Rajaratnam’s younger brother. The SEC and Rajaratnam’s lawyers are discussing a settlement.
Rajaratnam became the first person in the last five years to be acquitted of insider trading charges when a jury found that he had not conspired with his brother, who is serving an 11-year sentence. The SEC’s allegations—that he earned more than $3 million trading on confidential information—mirrors those of the criminal case, but the regulator has a lower burden of proof in a civil trial.