SEC Drops Rajat Gupta Proceeding, May Sue in New York
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The U.S. Securities and Exchange Commission agreed to drop an administrative action against former Goldman Sachs Group Inc. director Rajat Gupta, and he pledged to withdraw a lawsuit claiming the regulatory proceeding violated his constitutional rights.
The SEC started the proceeding in Washington on March 1, contending Gupta passed inside information to Galleon Group LLC co-founder Raj Rajaratnam about Goldman Sachs and Procter & Gamble Co., where Gupta was also on the board.