Goldman Sachs Investor’s Suit Against Gupta Dismissed
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A Goldman Sachs Group Inc. investor’s lawsuit seeking disgorgement of insider-trading profit from former board member Rajat Gupta was dismissed by a Manhattan federal judge.
U.S. District Judge Jed Rakoff said in an opinion filed today that the investor, James Mercer, failed to adequately allege that Gupta received quid-pro-quo payments for tips he provided to Galleon Group LLC co-founder Raj Rajaratnam.