Goldman Sachs seeks USD 7mln in 'legal costs' from ex-board member Rajat Gupta
Goldman Sachs is seeking nearly seven million dollars former Indian-American board member Rajat Gupta, who was convicted of insider trading.
The firm is seeking the finr cover its legal fees and expenses, following a judge's description of the bank as a "victim" of the crime.
According to a report by the Financial Times, Goldman said it had spent 6.9million dollars investigating allegations that Rajat Gupta, a director on the board from 2006 until 2009, had shared confidential financial information about the bank with Raj Rajaratnam, founder of the Galleon Group hedge fund.
Gupta and Rajaratnam were both subsequently convicted of insider trading.
Goldman said its law firm, Sullivan and Cromwell, produced more than 400,000 documents to respond to government inquiries about the trading and prepared 18 witnesses to testify, the Telegraph reports.
According to the paper, Gupta's lawyers are believed to be defending Goldman's restitution claim, arguing that it should be limited.