Galleon Fund Defense

Galleon Fund Disputes Government's Accusations

Raj Rajaratnam of Galleon Fund is disputing the government's accusations that he participated in insider trading. Mr. Rajaratnam's attorneys also argued that the government misled a judge when obtaining wiretaps.

Billionaire hedge fund operator Raj Rajaratnam's (RAHJ rah-juh-RUHT'-nuhm) lawyers made the arguments in papers filed Tuesday in federal court in Manhattan.

The Sri Lanka-born Rajaratnam is among 20 people charged in a $52 million insider trading case. The portfolio manager for the Galleon Group hedge fund remains free on $100 million bail.

Rajaratnam's lawyers say he based trades on information that was already public. They also say the government misled a judge to surreptitiously tape phone conversations by Rajaratnam and others. Source

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