Funds Talk: September 2015
Kramer Levin Wins First Circuit Appeal Declaring Puerto Rico’s Restructuring Act Unconstitutional
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An August 8, 2011 Am Law Litigation Daily article entitled "Kramer Levin's Naftalis Wins SEC Forum Fight; Agency Drops Administrative Insider Trading Case Against Rajat Gupta," profiled the firm's win for client Rajat Gupta, in which the Securities and Exchange Commission dismissed all administrative proceedings against Mr. Gupta. The SEC had filed administrative proceedings against Mr.Gupta, accusing him of passing inside information to Raj Rajaratnam, the head of Galleon Group. This was the first time the SEC had attempted to use new authority under Dodd-Frank against a person not associated with a regulated entity. In turn, Kramer Levin, on Mr. Gupta's behalf, filed suit against the SEC, accusing the agency of depriving Mr. Gupta of equal protection under the law by singling him out for disparate and prejudicial treatment, since the SEC had sued all 28 other Galleon-related defendants in federal court. In July, U.S. District Judge Jed S. Rakoff denied the SEC’s motion to dismiss Mr. Gupta’s lawsuit. On August 4, the SEC dropped the administrative proceedings against Mr. Gupta. As a result, any new claims brought forth by the SEC must be done through federal court. Firm co-chair Gary P. Naftalis, who led the team representing Mr. Gupta, was noted as saying that Mr. Gupta is "very pleased that as a result of his lawsuit the SEC has dismissed its administrative proceeding and he will no longer be singled out for disparate treatment," and that "the SEC's allegations are totally baseless and cannot withstand scrutiny."