Kramer Levin Wins First Circuit Appeal Declaring Puerto Rico’s Restructuring Act Unconstitutional
Funds Talk: July 2015
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An August 9, 2011 Thomson Reuters News & Insight article entitled "Why Does Rajat Gupta Want the SEC to Sue Him in Federal Court?" profiled the reasons why Kramer Levin, on behalf of client Rajat Gupta, fought the Securities and Exchange Commission's administrative proceedings against him, which resulted in dismissal of all administrative proceedings. Kramer Levin 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, where Mr. Gupta would be able to take depositions and conduct full discovery.