Rajat Gupta not liable to Goldman for Rajaratnam tips: US court

April 08, 2013 21:34

A United States appeals court has dismissed a lawsuit brought against former Goldman Sachs director Rajat Gupta by a shareholder of the firm who sought that the Indian-American repay profits made after hedge fund founder Raj Rajaratnam traded in shares based on insider tips passed by him.

The lawsuit brought by Goldman investor James Mercer was dismissed by the second circuit court of appeals, which said that Mercer had failed to prove that Gupta was a "beneficial owner" of Goldman Sachs shares.

"Plaintiff has failed to allege that Defendant Gupta had 'pecuniary interest' in Goldman Sachs shares that would make him a 'beneficial owner' of the shares," the three judge panel ruled.

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