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U.S. markets recover from steep losses
NEW YORK, Dec. 31 (UPI) -- A principal in the Galleon Group insider trading case in New York agreed to waive indictment, perhaps indicating a deal has been reached, court papers say.
The New York Times reported Thursday that former McKinsey & Co. director Anil Kumar has agreed to waive his indictment. Prosecutors said they would file more documents, papers known as "information" that indicates Kumar, accused of passing insider information on stock trades, may have struck a plea deal.
At least 14 investors and attorneys were charged with insider trading in November, in a case revolving around New York hedge fund Galleon Group, which allegedly benefited from the information.
Kumar allegedly leaked information concerning Advanced Micro Devices, a company for which Kumar was doing consulting work.
Galleon's founder Raj Rajaratnam pleaded not guilty to securities fraud charges earlier this month, the Times said.
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