Will what would be the most watched insider trading trial in years never be a trial at all?
Prosecutors filed papers in federal court today saying that they and attorneys for Raj Rajaratnam and the five others charged a month ago “have been engaged in, and are continuing, discussions concerning a possible disposition of these cases,” according to Reuters.
Reuters: Rajaratnam, a Sri Lankan-born billionaire, and the other five were arrested, charged and released on bail on October 16. They could be indicted, plead guilty or go to trial.
“The government has requested continuance of 30 days to engage in further discussions with counsel about disposition of these cases,” the documents filed by the office of the U.S. Attorney for Manhattan said.
The government requested a 30 day continuance and the defendants have agreed to waive their rights to be charged via indictment or a similarly acceptable charging document for the same amount of time.
This could of course mean a variety of things, but the obvious possibility is that the prosecutors and some or all of the defendants are discussing plea deals.
We’ve reached out to Mr. Dowd for comment and will update when we hear back.
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