Rajat Gupta told to pay $6.22 mn to Goldman Sachs

February 26, 2013 09:14

A federal judge on Monday ordered former Goldman Sachs Group Inc director Rajat Gupta to reimburse $6.22 million to help the Wall Street bank cover its legal expenses related to his criminal insider trading case.

Goldman had sought to recover $6.91 million, and US District Judge Jed Rakoff in Manhattan said the bank had proved it was entitled to 90 per cent of what it requested.

Gupta, 64, is appealing his June 15, 2012 conviction and two-year prison term for feeding confidential information he had learned at Goldman board meetings to Raj Rajaratnam, the Galleon Group hedge fund manager and former billionaire.

Rajaratnam has been a central figure in a multi-year US government crackdown on insider trading. Gupta is a former global managing director of the consulting firm McKinsey & Co, and is the highest corporate executive convicted in the probe.

Jurors found Gupta guilty of leaks during the second half of 2008, including news related to a crucial $5 billion investment in Goldman by Warren Buffett's Berkshire Hathaway Inc at the height of the global financial crisis.

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