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Calif. analyst pleads guilty in NY insider case
Class Action |
2013/11/08 14:05
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A California financial analyst has pleaded guilty in New York, admitting he provided insider tips to an SAC Capital portfolio manager.
Sandeep Aggarwal admitted Friday that he provided the tips to the SAC employee and others about a blockbuster deal between Microsoft Corp. and Yahoo Inc. Investigators say the information pertained to a secret, pending search engine advertising partnership between the companies.
Aggarwal has pleaded guilty to conspiracy to commit securities fraud and securities fraud in Manhattan in a cooperation deal. The 40-year-old was arrested in July in San Jose, Calif.
Authorities say they had wiretap evidence from 2009.
Aggarwal told a magistrate judge he provided the tips to boost his standing as an analyst. He says he is "extremely sorry." |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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