BusinessWeek – Rajat Gupta, the former Goldman Sachs Group Inc. director accused of insider trading, lost a bid to have a jury hear wiretaps of Goldman Sachs executive David Loeb tipping Galleon Group LLC co-founder Raj Rajaratnam.
Gupta, who has pleaded not guilty, is on trial in federal court in Manhattan for allegedly passing tips to Rajaratnam about Goldman Sachs and Procter & Gamble Co., where he was also a director. U.S. District Judge Jed Rakoff made the preliminary ruling yesterday, while allowing Gupta to submit legal briefs on why the evidence should be allowed.
