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Goldman Sachs Seeks $7M From Gupta

Jan 06, 2013
Jing Chen

Goldman Sachs is looking to get back the millions it spent on legal fees from a former board member who was convicted of insider trading earlier this year.

Financial Times reported that New York-based Goldman spent $6.9 million for its law firm to produce more than 400,000 documents the government requested during the insider trading case of Rajat Gupta. The article also said that the judge in the case listed Goldman as a "victim" in the crime.

eVestment reported earlier this year that Gupta, who also sat in Proctor & Gamble's board, allegedly passed inside information about both companies to his friend and longtime business associate, convicted hedge fund manager Raj Rajaratnam.

Goldman also plans to seek $35 million in fees it advanced to Gupta for his legal defense. Gupta is currently serving his two-year sentence in prison.

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