BUSINESS

Raj Rajaratnam Denies Insider Trading Allegations, Says Trades Were Based On Analyst's Work

03/18/2010 05:12 am ET | Updated May 25, 2011

Attorneys for Galleon Group founder Raj Rajaratnam denied a U.S. regulator's claims he engaged in insider trading, saying he based investments on analyst research and media reports and that government wiretaps were illegal.

Rajaratnam's filing in response to a Securities and Exchange Commission lawsuit, which came today in Manhattan federal court, includes a broad attack on the regulator's lawsuit. He will likely advance the same arguments in a pending criminal case against him.

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