Deals
Ex-Galleon Manager Questioned by Rajaratnam Attorney Over Trades
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A lawyer for Galleon Group LLC co-founder Raj Rajaratnam sparred with Adam Smith, a former portfolio manager for the hedge-fund, over why the firm bought stock in ATI Technologies before a 2006 takeover.
During cross-examination yesterday in the insider-trading trial in Manhattan federal court, the defense attorney, Terence Lynam, sought to show jurors that Galleon and Rajaratnam bought shares in ATI and other companies for lawful reasons and not because Smith, 39, had come into inside information, as he testified this week as a prosecution witness. Lynam said, for instance, that Rajaratnam didn’t buy stock at the same time Smith did.