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Rajat Gupta Insider Appeal to Be Heard as Early as April

Dec. 6 (Bloomberg) -- Rajat Gupta’s appeal of his conviction for passing inside tips to Galleon Group LLC co-founder Raj Rajaratnam will be heard as soon as April 1, according to the court that’s considering the case.

The U.S. Court of Appeals in Manhattan today said it will expedite Gupta’s appeal, ordering that briefs be filed by March 29 and setting oral arguments for as soon as the first week of April.

In a hearing Dec. 4, a two-judge panel of the appeals court ruled that Gupta, 64, a former Goldman Sachs Group Inc. director, can remain free on $10 million bond while it considers the case. The decision overruled an order by U.S. District Judge Jed Rakoff that Gupta surrender to begin serving his two-year prison sentence on Jan. 8.

Gupta was convicted by a jury in June of one count of conspiracy and three counts of securities fraud. He was accused of passing illegal information about New York-based Goldman Sachs to Rajaratnam, his friend and business partner.

In the order today, U.S. Circuit Judges Jose Cabranes and Reena Raggi, who allowed Gupta to remain free pending appeal two days ago, directed that any issues about his release be directed to them.

U.S. Circuit Judge Susan L. Carney, who was also assigned to the panel, removed herself from consideration of the case, according to today’s order, which didn’t provide a reason.

The case is U.S. v. Gupta, 12-4448, U.S. Court of Appeals for the Second Circuit (Manhattan).

To contact the reporter on this story: Bob Van Voris in Manhattan federal court at rvanvoris@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net Z US <Equity> CN GS US <Equity> CN

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