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Securities Law 11/5/2009 4:04:54 PM EST The USAO, The SEC and Stays: Enforcing the Law Fairly Partner, Porter Wright Morris & Arthur
The SEC is facing another dilemma in Judge Rakoff’s courtroom in the Southern District of New York. The question this time does not involve SEC v. Bank of America, discussed here, which is on its way to trial. This dilemma involves its recently filed insider trading case against Galleon Group and Raj Rajaratnam. This time, the U.S. attorney’s office is involved along with its two insider trading cases against Mr. Rajaratnam and others, discussed here. Judge Rakoff, it seems, thinks the SEC filed its case to litigate. He has ordered the Commission to be ready for trial in five months.
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